- The stock price of Coinbase (COIN) fell by 9.35% in the most recent trading session. This is why.
The stock price of Coinbase (COIN) fell by 9.35% in the most recent trading session.
Why: Broader market selloff and research report
Rating: Underperform
Analyst firm: Raymond James
Raymond James issued a report saying that the cryptocurrency exchange transaction volumes continue to drop. And Raymond James updated their model ahead of Coinbase’s third-quarter results.
“We are lowering our 2Q22 adjusted EBITDA estimate by about $14 million (to -$252 million) and our full-year 2022 estimate by the same amount. Our 2023 and out-year adjusted EBITDA estimates are roughly unchanged,” wrote Raymond James analysts in a research note.