Coinbase Stock Plunges on Mizuho Price Target Cut

Coinbase (COIN) shares took a hit on Tuesday after Mizuho analyst Dan Dolev cut its price target from $280 to $170, eroding nearly 40% of its upside case.

This move comes as the company's fourth-quarter loss and year-over-year revenue decline weighed heavily on investors' minds. Bitcoin's bearish sentiment also added to the gloom.

Dolev attributed the price target reduction to lower Bitcoin prices, stating that the 'crypto winter' continued to hurt profits in the fourth quarter.

Coinbase traded near $161, down 1.87% on Tuesday. Despite this, ARK Invest revealed it had purchased Coinbase shares across three ETFs, increasing exposure to crypto-linked equities.