Goldman Sachs downgrades Coinbase stock to ‘sell’
The United States cryptocurrency exchange has seen its stock price plunge in lockstep with Bitcoin, Ether and the broader digital asset market. Shares of Coinbase Global Inc. (COIN) have been downgraded by analysts at Goldman Sachs after plunging cryptocurrency prices affected the exchange’s underlying business, underscoring the challenges posed by the bear market. The reason for the downgrade stems from the “continued downdraft in crypto prices,” Goldman analyst William Nance said in a note that was obtained by Bloomberg. The analyst said Coinbase “will need to make substantial reductions....
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Analysts from the multinational investment bank and financial services company Goldman Sachs Group Inc. have downgraded Coinbase Global Inc. in a note to investors on Monday. Today, Coinbase shares are down 83.68% from the stock’s all-time high (ATH) in November 2021. Goldman analyst William Nance explained that his group of market strategists believes “Coinbase will need to make substantial reductions in its cost base.” Goldman Downgrades Coinbase, COIN Shares Down 83% From Price High Coinbase shares have suffered during the bear market as many crypto company stocks....
Coinbase, Three Arrows Capital and MicroStrategy headline the latest business news from the world of blockchain. Coinbase has long been considered an important bellwether of the cryptocurrency market. Last year, when the company was expanding its workforce, adding institutional clients and issuing stock, crypto prices were hitting record highs. Now, in the depths of crypto winter, Coinbase finds itself slashing a fifth of its workforce, losing retail trading volume and contending with downgrades of its credit and stock.This week’s Crypto Biz dissects Goldman Sachs’ latest downgrade of....
Investment banks JPMorgan and Goldman Sachs have initiated coverage of the Coinbase Global stock. JPMorgan gives Coinbase an overweight rating with a 60% upside potential while Goldman Sachs begins with a buy rating. JPMorgan, Goldman Sachs Now Covering Coinbase Stock A couple of major investment banks initiated coverage of the Coinbase Global stock (NASDAQ: COIN) this week. At the time of writing the price of COIN Is $233.99. JPMorgan initiated coverage of Coinbase on Tuesday with an overweight rating largely due to the company’s key position in the growing cryptocurrency space,....
An executive at Goldman Sachs is joining Coinbase after 16 years at the global investment bank. “It’s time to embrace the crypto economy,” he said, adding that the change is a “once in a lifetime opportunity to be part of building the next stage of the digital evolution.”
From Goldman Sachs to Coinbase
Roger Bartlett is leaving global investment bank Goldman Sachs to join crypto exchange Coinbase. At Goldman Sachs, he was a managing director and global co-head of operations for Global Markets for one year. Before that, he was the global....
Roger Bartlett, a Goldman Sachs executive, announced his departure from the investment bank in a LinkedIn post to join Coinbase Global. Bartlett will serve as the global head of operations for the major U.S. cryptocurrency exchange. The former Goldman Sachs executive is the latest high-ranking veteran to bid adios to Wall Street in favor of […]