Goldman Sachs Reportedly Downgrades Coinbase’s Stocks to ‘Sell’ as COIN Drops 9% DailyCOIN saw an opening price of well under $60 after Goldman Sachs downgraded the shares from “Neutral” to “Sell.”
“We believe current crypto asset levels and trading volumes imply further degradation in COIN’s revenue base, which we see falling ~61% Y/Y in 2022, and ~73% in the back half of the year,” William Nance – Analyst at Goldman Sachs – commented.plans to lay off 18% of its total workforce due to the macroeconomic conditions. Brian Armstrong – CEO of the company – believes the USA is heading towards a recession, and thus, cost-cutting measures are urgent.net losses in excess of $400 million.
Unsurprisingly, Goldman’s recommendation negatively affected Coinbase’s shares. COIN dropped by over 5% in Monday premarket trading to $59.50. As Wall Street opened, the stocks plummeted even further and are down to $56 as of writing these lines.the first major exchange to have its shares publicly traded. COIN stocks had a debut price of $381, while shortly after entering NASDAQ, they surged to $400.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CoinDesk - 🏆 291. / 63 Read more »