Why Coinbase Stock Was Nose-Diving Today
The crypto winter wasn't particularly frosty on Thursday afternoon, with the prices of top coins and tokens rising at least marginally. You wouldn't know that from the performance of one of the top cryptocurrency exchange operators, however. Coinbase Global (NASDAQ: COIN) was down by more than 12% in late afternoon trading, as investors digested the adjustments several analysts made on their evaluations of the stock.
Those revised prognosticator takes come on the heels of Coinbase's second-quarter earnings release, which dropped after market hours on Monday. Throughout the following day, several pundits weighed in with adjustments, and for the most part these were relatively bearish.
One of the more negative reworkings came from Keefe, Bruyette & Woods' Kyle Voigt, who cut his recommendation from market perform (read: neutral) to underperform (sell). Joining him in downgrading was CFRA, which degraded its recommendation from buy to hold.
Source Fool.com
