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)

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