Coinbase is a leader like Tesla, Zoom and Snowflake. Shares are worth $500, say BTIG analysts.
Wall Street is warming up to the cryptocurrency exchange that made its Nasdaq debut on Wednesday. BTIG has a buy rating and a $500 price target.

Ride-sharing is back, as Lyft and Uber both show signs of renewed growth. The 92 Relative Strength Rating, out of a best-possible 99, means that Lyft is outperforming 92% of all stocks, regardless of industry group. Market research shows that the market's biggest winners typically have an RS Rating of above 80 as they begin their largest climbs.

(Bloomberg) -- Website-hosting service Squarespace Inc. moved ahead with plans for a direct listing, joining a cadre of technology-oriented companies that didn’t need to raise money in a traditional initial public offering.Squarespace spelled out its plans Friday in a filing in which it also disclosed details of its finances, including 28% growth in revenue last year. The filing confirms an earlier Bloomberg News report that Squarespace would follow a handful of other technology-based companies -- most recently cryptocurrency exchange Coinbase Global Inc. -- in picking a direct listing over an IPO.Squarespace is planning to list its shares on the New York Stock Exchange, the choice for every major direct listing except Coinbase. While investment banks don’t underwrite offerings as they do in IPOs, they advise the company on the listing. Squarespace is working with with banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co., according to its filing.In a direct listing, a company doesn’t raise fresh capital and existing investors can typically begin selling their shares on the first day of trading without the usual lockup period restrictions in an IPO. It can save on banking fees and the time spent on an investor roadshow.Roblox Corp., Palantir Technologies Inc. and Asana Inc. also have gone public through direct listings in the past year. Earlier listings by Spotify Technology SA and Slack Technologies Inc. helped trail-blaze the alternate route to public equity markets.Squarespace BackersLed by founder and Chief Executive Officer Anthony Casalena, Squarespace competes against publicly traded rivals Wix.com Ltd. and GoDaddy Inc., among others. The New York-based company is is backed by investors including General Atlantic, Index Ventures and Accel.“Squarespace has flourished by providing anyone a way to participate in the immense opportunity that comes from publishing and transacting on the internet,” Casalena said in a letter to investors included in the filing.The company, which is expanding beyond web hosting to e-commerce, was valued at $10 billion in March in a funding round. It said in January that it had confidentially submitted a draft filing with the U.S. Securities and Exchange Commission.Revenue GainsStarted in 2004, Squarespace had 3.7 million unique subscriptions as of Dec. 31, according to its filing.Squarespace had a net income of about $31 million on revenue of $621 million last year, compared with $58 million on revenue of $485 million in 2019, according to its filing.Its e-commerce business had 2020 revenue of $143 million, a 78% increase over the previous year, according to the filing. Its growth plans include expanding it customer base -- especially internationally -- and deepening its commerce offerings.The company acquired restaurant-services provider Tock for more than $400 million in March. Squarespace paid a mix of cash and stock for the Chicago-based company, which provides technology for online reservations, takeout and other services. That followed 2019 deals for Unfold Creative LLC and Acuity Scheduling Inc.Acquisition StrategySquarespace will pursue strategic acquisitions to accelerate key platform, product and marketing initiatives, it said its filing.Casalena will continue to control the company through his 76% ownership of the company’s Class B shares, which carry 10 votes each compared with one each for the Class A shares that will be listed.A date for the Squarespace’s trading debut hasn’t been disclosed. The company plans for its shares to trade under the symbol SQSP.(Updates with CEO’s letter in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Singer Lance Bass offered Colton Underwood some advice after the former "Bachelor" star came out as gay: "sit back, listen and learn."

18-year-old man from Ohio with assault rifle and wearing gas mask taken into custody

Follow the latest updates

It's a club no one wants to join. These Black families have lost loved ones to police brutality. The Chauvin trial could bring justice.

Rep. Greene accused the media of ‘false narratives’ and focusing on race to ‘divide the American people with hate through identity politics’

Small fragments no longer worth tracking, US National Ice Center says

The gunman began firing as soon as he drove up to FedEx site before killing himself, police say.

“We are very sorry for the last four years,” US climate envoy John Kerry said

After the death of one child and 38 other incidents involving children, a US safety regulator is urging consumers to stop using the fitness device

All the votes the Texas senator opposed in 2021 – including not one confirmation of a woman to the position of Cabinet secretary

Charles Geschke set up Adobe in 1982, giving the world the ubiquitous PDF technology.

The 13-year-old's death from a police bullet has sparked a citywide look at use of force policies in Chicago.

The world’s two biggest polluters have agreed to ramp up their ‘respective actions’ to combat climate change

Elon Musk has said that SpaceX's mega-spaceship could fly astronauts to the moon within a few years. But first the Starships have to stop blowing up.

‘Huge letdown’: Telegram users on Lindell’s verified channel express frustration at signing up for VIP access to new social media network that still hasn’t opened despite announcement

With every All-Star player sidelined, the Lakers held off the Utah Jazz 127-115 in overtime Saturday afternoon at Staples Center.

After a surprise run to the 2020 NBA Finals, Miami is .500, and star Jimmy Butler says the Heat are 'soft' and Bam Adebayo needs to play 'bully ball.'

U.S. Sen. Ed Markey, of Massachusetts, has proposed a bill to add four justices to the Supreme Court of the United States.