Is Coinbase a Bad News Buy Right Now?
Coinbase Global (NASDAQ: COIN) stock tanked hard after a disappointing first-quarter earnings call. Higher expenses and lower revenue can do that to a growth stock in a bull market but the timing for Coinbase's latest call couldn't have been worse.
Coinbase's management team presented disappointing first-quarter results while the algorithmic stablecoin TerraUSD (CRYPTO: UST) and its sister token Terra (CRYPTO: LUNA) were collapsing in spectacular fashion. Cryptocurrency prices tanked across the board when the stablecoin lost its footing and dragged Coinbase stock down, too.
After watching Coinbase lose more than half its value in a week, contrarian investors are wondering if the beating was too severe. Let's look at the good and the bad to see if buying this stock at its beaten-down price makes sense right now.
Source Fool.com
