Coinbase Stock Slumps Despite Bullish Analyst Moves
Coinbase Global Inc.'s (NASDAQ:COIN) stock is experiencing downward pressure on Friday, despite a positive analyst consensus and favorable macroeconomic conditions.
The company's shares are trading lower at $182.09, down 3.80% from earlier in the day, according to Benzinga Pro.
Analysts have been upgrading their ratings for Coinbase, with Wells Fargo's Daniel Welden starting coverage and assigning an Equal-Weight rating alongside a $200 price target. Piper Sandler's Patrick Moley kept his Neutral rating but raised his price target to $170 from $146.
The company holds a consensus Buy rating among 49 analysts, with an average price target of $218.48. However, the stock is falling despite these bullish analyst moves and a macro environment that typically supports crypto-linked stocks.