Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Seeking Alpha 2022-04-05 16:18:40

Coinbase stock dips as Mizuho lowers price target, bitcoin slumps to sub $46K

Cryptocurrency exchange Coinbase Global (NASDAQ:COIN) shares are sliding nearly 7% in midday trading Tuesday, as bitcoin (BTC-USD) edges down to $45.9K per token, though slightly higher overall. COIN's selling pressure comes as Mizuho analyst Dan Dolev lowered his price target on COIN to $190 per share from $220, implying less than 1% downside from Monday's close, according to a note written to clients. As COIN is set to launch its non-fungible token marketplace this year, "we question the strategic rationale of chasing NFTs... especially as the NFT hype seems to wane," he said, adding that the company in 2022 could face $500M in adjusted EBITDA losses if it "performs at the low end of the user guidance range." A slew of Coinbase's rivals are also trading in the red, including Robinhood Markets (HOOD -5.7%), Voyager Digital (OTCQX:VYGVF -3.4%), Net Savings link (OTCPK:NSAV -3.1%) and SoFi Technologies (SOFI -4.1%). While COIN

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.