Here's Why Coinbase Global Stock Went Down Today
Shares of Coinbase Global (NASDAQ: COIN) have been hammered because of ongoing volatility in the cryptocurrency market. However, today Coinbase is also getting smacked because of a lowered price target from a Wall Street analyst. As of 1:45 p.m. ET, shares of Coinbase were down 2% but had been down almost 8% earlier in the session.
According to The Fly, Mizuho analyst Dan Dolev lowered the price target for Coinbase stock from $300 per share to $220 per share -- a meaningful 27% decrease. While Dolev's rating is technically neutral, as it's always been, the lower price target signals lower confidence to the investors who follow advice from Mizuho.
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Source Fool.com
