Jim Cramer Considers Coinbase as One of the "Representatives of What's Been Going on in This Market"

Coinbase Global, Inc. (NASDAQ:COIN) is one of the stocks that Jim Cramer recently discussed. Cramer noted that the company, as a part of “PARC,” an acronym he made for four hot stocks in the market, is pretty “darn profitable.”

“PARC exhausts me. I’m talking about my handy acronym for Palantir, AppLovin, Robinhood, and Coinbase. These are four of the many stocks that seem to have no quit in them, even if they all pulled back hard into the close today, giving us a rare moment to evaluate them on relative weakness. It’s better for me to talk about these stocks on a down day so you can get a discount if you were so inclined…

Now, even though I say PARC, these four stocks are just representatives of what’s been going on in this market. They’re actually the best of the lot. They have earnings. They have analysts following them who come up with estimates. Although judging by the way people have been buying these names, neither of them, those things like estimates and analysts, seems to matter at all…

While flying cars and experimental batteries don’t yet make money, PARC does, lots of it, oodles. Palantir, AppLovin and Robinhood, and Coinbase, they’re all pretty darn profitable. By comparison, during the dot-com era, most of these red-hot companies had little to no revenues and were actually running out of money, constantly tapping the public markets, at the same time that insiders were furiously [sell, sell, sell] their own stock because they knew there was no justification for these sky-high valuations. They got out.”

Coinbase Global, Inc. (NASDAQ:COIN) provides a platform that serves as a central financial account for crypto users. The company offers trading and liquidity services for institutions and on-chain development tools for developers. In a June episode, Cramer said that the company stock is going higher, as he remarked:

“Next, Coinbase. Alright, the cryptocurrency stocks, they just never want to quit. And this is a group that matters, even if older portfolio managers don’t care [and] look the other way. I think this one’s going higher, to who knows where.”

Since Cramer’s above comment, the stock is up around 10.3% at the time of writing.

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Disclosure: None. This article is originally published at Insider Monkey.