Coinbase stock rallies in premarket trading ahead of second day following hot IPO

Coinbase Global (COIN) is up nearly 7% in premarket trading Thursday as the cryptocurrency firm aims to push its hot post-IPO performance into a second day.COIN was changing hands at $350.01 shortly after 8:30 a.m. ET, up 6.6% from Wednesday’s close at $328.28. The stock already rose 31.3% Wednesday, the first trading day of Coinbase’s Nasdaq direct listing.Coinbase shares popped as high as $429.54 Wednesday, 71.8% above the $250 reference price that the Nasdaq and Goldman Sachs had assigned the stock a day earlier. However, the stock pulled back some later in the session.BTIG has initiated coverage of the company with a “Buy” rating and a $500 price target.“We believe COIN, the most popular consumer-facing cryptocurrency exchange in the U.S., is positioned to be a primary beneficiary of the increased adoption of Bitcoin and other digital assets as it continues to scale in the U.S. and internationally,” the firm wrote