The add -on is considered the main milestone for cryptographic actions.

S&P 500 added a fresh member to his ranks, Coinbase Global (Nasdaq: Coin), a leading cryptocurrency trade platform.

Coinbase will start trading at S&P 500 May 19. Discover financial (NYSE: DFS), a credit card company to be purchased by Capital One Financial (NYSE: COP) May 18.

Coinbase shares grew about the announcement, because the actions were the best contractor on Tuesday, erecting a huge 25% during the day.

When he joins the S&P 500 on May 19, Coinbase will be the first supply of cryptocurrencies that has ever been mentioned at the reference point with a huge capitalization.

“We are honored that we are included and grateful for this recognition,” said Coinbase financial director Alessia Haas. “This is the main milestone, not only for Coinbase, but also for the entire cryptographic industry. Joining this prestigious index reflects how far Coinbase and the industry appeared and is a signal of where the world is going.”

Oppenheimer raises the target price

Being part of the S&P 500 can provide a huge augment in shares, because this means that it will be included in the S&P 500 index funds and will be exposed to more institutional investors. It will also augment its visibility and profile from institutional investors, even those who do not invest in index funds.

Analysts from Oppenheimer raised the target price by 24 to 293 USD per share in the news. Oppenheimer said that an increased exposure to institutional investors would be a catalyst for sending higher stock price.

Monness Crespi also increased the target, raising it to $ 300 per action. Coinbase shares have a median price of USD 252 for the action between analysts.

In his first quarter of profits published last week, Coinbase recorded a 24% augment in revenues, but did not achieve estimates. Coinbase prospects for Q2 were also below what analysts expected.

However, his price increased when she announced the takeover of Deribit, a global leader in the field of trade in cryptographic options, last week.

Coinbase shares currently amount to USD 259 per share, which is an augment of 4.3% to a year. Over the past year, it has increased by 29% and has an average annual refund of 64% over the past three years. In addition, Coinbase has a reasonable ratio of P/E 21.