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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