Why Shares of Coinbase Are Falling Today
Shares of the large cryptocurrency exchange Coinbase (NASDAQ: COIN) had fallen roughly 4% as of 1:30 p.m. EST today after receiving some negative sentiment from Wall Street and as its operations in India struggle to get off the ground.
Earlier today, Raymond James analyst Patrick Shaughnessy maintained his underperform rating on Coinbase, citing weak trading volumes in the first quarter.
"First quarter results will likely see year-on-year volume declines for Coinbase for the first time as a public company, as a difficult comp was combined with an uneven market backdrop to start the year," Shaughnessy wrote in a research note. Shaughnessy expects trading volume to come in around $307 billion in Q1, down 9% year over year and 44% from the previous quarter.
Source Fool.com
