Why Coinbase Stock Crashed on Monday
Shares of Coinbase Global (NASDAQ: COIN) crashed on Monday, falling as much as 10.7%. As of 11:02 a.m. ET, the stock was still down 8.7%. This continues the ongoing slump that has seen the stock plunge 77% so far this year.
The catalyst that sent the cryptocurrency trading specialist lower was a downgrade and decidedly bearish commentary from a Wall Street analyst.
Goldman Sachs analyst Will Nance downgraded Coinbase stock to sell from neutral (hold) while simultaneously lowering the price target from $70 to $45, according to a report by TheFly. This suggests additional losses for investors of 28% compared to Friday's closing price. In light of the continued panic-selling in a wide range of cryptocurrencies, the analyst believes there are more challenges to come.
Source Fool.com
