Coinbase Shares Fall 9% After Goldman Sachs Downgrade
June 27 2022 - 12:06PM
Dow Jones News
By Kathryn Hardison
Shares of Coinbase Global Inc. dropped 9.2% to $56.96 Monday
after Goldman Sachs Group Inc. cut its rating to sell from neutral
for the cryptocurrency company, which has seen its shares plummet
77% this year.
Goldman Sachs also cut its price target to $45 per share from
$70 per share based on expectations that revenue will continue to
decline in the second half of the year.
Coinbase said earlier this month that it would lay off about 18%
of its staff, roughly 1,100 employees, because it grew too quickly
and feared a recession could lead to another "crypto winter."
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
June 27, 2022 11:51 ET (15:51 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Coinbase Global (NASDAQ:COIN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Coinbase Global (NASDAQ:COIN)
Historical Stock Chart
From Jul 2023 to Jul 2024
