Coinbase Global Stock Cut to Underweight on Barclays Amid Weak Volume

Seeking Alpha2023-07-13

Barclays downgraded Coinbase Global (NASDAQ: COIN) to Underweight from Equal Weight following a recent runup in shares. At the same time, trading volumes and USCoin (USDC-USD) market cap are depressed...

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Mr Bull
2023-07-14
Mr Bull
After the downgrade by analyst, stock soared more than 20%..

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At the same time, trading volumes and USCoin (USDC-USD) market cap are depressed...</p>\n\n<a href=\"https://seekingalpha.com/news/3987334-coinbase-global-stock-cut-to-underweight-on-barclays-amid-weak-volume\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"COIN","symbol_name":"Coinbase Global, Inc.","start_time":0,"source_url":"https://seekingalpha.com/news/3987334-coinbase-global-stock-cut-to-underweight-on-barclays-amid-weak-volume","article_id":"1128990877","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1128990877","pubTimestamp":1689249668,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Barclays downgraded Coinbase Global (NASDAQ: COIN) to Underweight from Equal Weight following a recent runup in shares. At the same time, trading volumes and USCoin (USDC-USD) market cap are depressed","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"COIN":"Coinbase Global, Inc."},"translate_title":"在交易量疲软的情况下，比特币基地全球股票下跌至跑输大盘","themeId":"3e24a06b134544b39ea5a7e60150983f","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COIN":1.1},"content_text":"Barclays downgraded Coinbase Global (NASDAQ: COIN) to Underweight from Equal Weight following a recent runup in shares. At the same time, trading volumes and USCoin (USDC-USD) market cap are depressed and regulatory pressures cloud its outlook.The downgrade comes a day after Atlantic Equities cut its rating on the cryptocurrency exchange to Neutral after the stock surged 60% from recent lows.Coinbase (COIN) shares dropped 1.34% in Thursday premarket trading.\"While we continue to believe Coinbase (COIN) is a likely longer-term winner in the broader crypto ecosystem, fundamentals remain challenged, and recent relief from price actions, increasing rates, and cost rationalization likely have little further to run,\" Barclays analyst Benjamin Budish wrote in a note to clients.He noted that Q2 volumes were down 36% from Q1 and July metrics are trading worse M/M and that \"regulatory overhang is likely to last for some time.\" In addition, competition could be ramping up as some TradFi-backed exchanges and others step into the sector.The downgrade came after Coinbase (COIN) shares climbed after the announcement of a BlackRock (BLK)-sponsored spot bitcoin ETF, for which Coinbase is expected to be the custodian and prime broker. \"We do not think this accurately reflects the potential eventual P&L impact that could accrue to Coinbase,\" said Budish, adding that he thinks the rally was overdone.With the downgrade, his view on Coinbase (COIN) is more bearish than the SA Quant rating, average SA Analyst rating, and average Wall Street rating, all at Hold.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":197663668740232,"gmtCreate":1689292145340,"gmtModify":1689292148712,"author":{"id":"4128923481696492","authorId":"4128923481696492","name":"Mr Bull","avatar":"https://community-static.tradeup.com/news/b479a776ac6b637ec22ebd8548a46164","vip":1,"crmLevel":9,"crmLevelSwitch":0,"idStr":"4128923481696492","authorIdStr":"4128923481696492"},"htmlText":"After the downgrade by analyst, stock soared more than 20%..&nbsp;","listText":"After the downgrade by analyst, stock soared more than 20%..&nbsp;","text":"After the downgrade by analyst, stock soared more than 20%..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197663668740232","repostId":1128990877,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":10,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1128990877"}