I’m 🐻-ish About COIN🪙 But Cathie Wood Loads
🐻🐻 Shares of COIN declined as much as 9.9% to their lowest in more than 3 months.
🐻🐻🐻 Shares dropped ~25% from a month ago in the wake of its legal battle against the SEC. However, the stock is still up 49% YTD amid a broader crypto rally. COIN has tumbled 54% over the past 12 months amid turmoil in the cryptocurrency market. But it has rebounded this year, helped by bitcoin’s recovery.
👎 Citi downgraded COIN to Neutral from Buy owing to a "high level" of 🇺🇸 regulatory uncertainty ➡️ "Coinbase is now tasked to advocate for a reputationally damaged industry and pave a sustainable pathway towards regulatory compliance," Citi said.
📰 Cathie Wood, chief executive of Ark Investment Management, bought COIN on Monday for the 1st time in a week & repeated two trades from Friday. Ark funds snagged 168,869 shares of COIN. COIN is the 5th biggest holding in Wood’s flagship Ark Innovation ETF (ARKK).
📰 COIN started a foreign exchange for cryptocurrency derivatives on 5/2 (Tue) & the stock closed at $51.32, 2.35% higher after its Monday’s crash.
⭐️ The 23 analysts offering 12-month price forecasts for COIN have a median🎯 of $65, with a high🎯 of $200 & a low🎯 of $30. The average Wall Street analyst rating is at Hold But COIN is a SELL for me amid the ongoing banking crisis🔥🏦🏦🏦🔥 $Bank of America(BAC)$ Bearish$Western Alliance(WAL)$ Bearish$UBS Group AG(UBS)$ Bearish Any bad🗞🗞🗞 can send investors running🏃♀️🏃🏃♂️ & the risk to me just isn’t worthed it😅
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Modify on 2023-05-03 09:09
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frens investing in cryptocurrency sharing accumulation is needed for big surge later 2 yes, but for me it's just too long [LOL] & don't understand why they have such confidence [Thinking]
Great ariticle, would you like to share it?
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Haha
Good to know
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