Coinbase Stock Slips After Goldman Sachs Downgrade

COIN has had a hard time since the crypto landslide

Deputy Editor
Jun 27, 2022 at 10:30 AM
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Coinbase Global Inc (NASDAQ:COIN) is down 7.4% at $58.11 at last glance, after Goldman Sachs downgraded the stock to "sell" from neutral," with a price-target cut to $45 from $70. The analyst cited current crypto asset levels and trading volumes, and though the company announced earlier this month that it would cut 18% of its workforce, the firm believes further job cuts are needed for cost reduction. 

The recent crypto fall-out hasn't been easy on COIN, and it has been moving off a mid-May record low of $40.83. The stock's 20-day moving average has provided pressure as well. 

However, an unwinding of pessimism could provide tailwinds. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), COIN sports a 50-day put/call volume ratio of 1.87 that stands higher than all other readings from the past year. This means puts have been getting picked up at a much quicker-than-usual clip over the past 10 weeks. Echoing this, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.20 ranks higher than 96% of readings from the past 12 months. 

It's also worth noting that short interest has skyrocketed over the past month, adding 187.5%. Now, the 27.27 million shares sold short account for 16.1% of the stock's available float. 

 

 

 

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