Why Shares of Coinbase Plunged Further Today

Coinbase Global (NASDAQ: COIN) extended its losing streak and plunged this morning, trading down 4.5% as of 12:20 p.m. ET. The cryptocurrency exchange company has fallen out of favor with several analysts in recent days, and today was no different.

This morning, Oppenheimer analyst Owen Lau slashed Coinbase stock's price target to $314 a share from $377 per share while maintaining an "outperforming" rating on the stock, according to TheFly.com. Lau noted how Coinbase isn't having a "good start" to 2022, with its shares having crashed nearly 42% year to date at the time of the analyst's note. That's a huge laggard to the S&P 500 as well as Bitcoin's year-to-date performance.

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Source Fool.com