![]() ![]() The fact that COIN's shares lost more than a quarter of their value post-results announcement sends a clear signal that Coinbase's first-quarter metrics did not meet investors' expectations. COIN Stock Key MetricsĬOIN announced the company's Q1 2022 results on after trading hours, and Coinbase's stock price decreased by -26% from $72.99 as of to $53.72 as of May 11, 2022. I will explore these negative factors for COIN in greater detail in the following two sections of this article. I believe that Coinbase's weak 1Q 2022 results and the recent crypto crash are the main reasons for the stock's poor share price performance in 2022 thus far. Between the time when my previous article for Coinbase was published in late-January 2022 and now, COIN's shares have also dropped by -62.3%, which represents a significant underperformance as compared to the S&P 500's -7.1% pullback.ĬOIN's 2022 Year-to-Date Stock Price Performance Year-to-date, Coinbase's share price has fallen by -72.3% in contrast with a much milder -14.4% correction for the broad market index, S&P 500, during the same period. Therefore, COIN is rated as a Hold, rather than a Buy. Although I think that COIN's shares will eventually rebound as it diversifies its revenue base, it won't happen anytime soon. My prior article for COIN written on Janudiscussed "Coinbase's shift to Non-fungible tokens or NFTs." I also emphasized in that article that "with cryptocurrency prices on the decline, it becomes even more important for COIN to diversify its revenue base." Since the start of the year and the publication of my earlier article, Coinbase's shares have performed badly with the weakness in the cryptocurrency market being a key contributing factor.Ĭoinbase deserves a Hold investment rating in my view. I rate Coinbase Global, Inc.'s ( NASDAQ: COIN) shares as a Hold. Leon Neal/Getty Images News Elevator Pitch ![]()
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