Why Coinbase Global Stock Took a Hit on Thursday
In contrast to the broader stock market, on Thursday the stock of Coinbase Global (NASDAQ: COIN) slumped. The company, a well-known operator of a cryptocurrency exchange, saw its stock price decline marginally by 0.4% on the day, due in no small part to an analyst's price target cut.
It wasn't exactly a deep cut, the one enacted by JMP Securities prognosticator Devin Ryan. He's shaving his Coinbase target to $394 per share, from the previous $405. Ryan is not changing his recommendation on the stock, however; for him it remains a market outperform (in other words, buy).
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Source Fool.com