Coinbase Stocks Plummet 10% as Wells Fargo Says ‘Sell’ Increased competition and macro pressure have forced one of the largest financial holdings -Wells Fargo – to resort to selling Coinbase stock.
The multinational financial services company issued a profitability warning stating that the current market conditions may hurt the publicly traded crypto exchange. Its analyst, Jeff Cantwell, ranked Coinbase with an Underweight rating, arguing that downward pressure on the exchange is inevitable and that the retail pricing is to blame.
Amid the industry-wide slump, the cryptocurrency exchange lost more than $1 billion in the second quarter. It generated a revenue of $808 million, down from $2.2 billion a year earlier.
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