Why Is Coinbase Global Stock Trading Lower Wednesday
Portfolio Pulse from Anusuya Lahiri
Coinbase Global, Inc (NASDAQ:COIN) shares are trading lower after Piper Sandler analyst Patrick Moley downgraded the stock from Overweight to Neutral and lowered its price target from $65 to $60. The downgrade reflects the valuation and the uncertainty created by the recent SEC case and the lack of regulatory clarity in the U.S. Despite the stock's appreciation, Moley believes that rising crypto prices have not translated to increased trading volumes for COIN. He expects COIN to report its lowest quarterly trading volumes and monthly transacting user totals in over two years.
July 05, 2023 | 1:50 pm
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Coinbase Global's stock has been downgraded due to valuation and regulatory uncertainty.
The downgrade by Piper Sandler reflects the valuation and the uncertainty created by the recent SEC case and the lack of regulatory clarity in the U.S. This has led to a decrease in the stock's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
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The article mentions that Charles Schwab Corp continues dealing with the knock-on effects of client cash sorting, which could negatively impact the stock's price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Robinhood Markets, Inc continues to benefit from higher rates.
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CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Interactive Brokers Group, Inc continues to benefit from higher rates.
The article mentions that Interactive Brokers Group, Inc continues to benefit from higher rates, which could positively impact the stock's price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50