tl;dr
Coinbase Global (NASDAQ:COIN) stock slid 3.8% in Tuesday premarket trading after J.P. Morgan downgraded the crypto exchange to Underweight from Neutral on the potential for cryptocurrency ETF enthusiasm to deflate further. Analyst Kenneth B. Worthington wrote in a note to clients that "We think the ...
Coinbase Global (NASDAQ:COIN) stock slid 3.8% in Tuesday premarket trading after J.P. Morgan downgraded the crypto exchange to Underweight from Neutral on the potential for cryptocurrency ETF enthusiasm to deflate further. Analyst Kenneth B. Worthington wrote in a note to clients that "We think the catalyst in bitcoin ETFs that has pushed the ecosystem out of its winter will disappoint market participants." Cryptocurrency prices are already under pressure, with bitcoin (BTC-USD) falling below $40K. Despite outperforming the broader market in 2023 with a 390% increase vs. the S&P 500's 26% increase, 2024 is expected to be a more challenging year for the stock, even with continued progress in Coinbase's initiatives such as building out its derivatives and Layer-2 Base. The Neutral rating aligns with the SA Quant rating, average SA Analyst rating, and the average Wall Street rating, all at Hold. Additionally, the price of bitcoin (BTC-USD) also dropped on Tuesday, falling 4.8% to $38.9K.
More about Coinbase Global Inc
Key financial metrics for Coinbase Global Inc. include a market capitalization of $30.67 billion, total revenue of $2.63 billion, and a price-to-earnings ratio of 88.29. The stock performance shows a 3.27% change in price, with a 0.081% dividend yield and a -3.21% return on equity. Market sentiment may be influenced by the company's focus on providing financial infrastructure and technology for the crypto economy, potentially leading to bullish or bearish trends depending on the broader market sentiment towards cryptocurrency-related stocks. It's important to note that past market behavior is not always a reliable indicator of future performance, and there may be potential risks or uncertainties associated with investing in this company.
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