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
facebook X logo linkedin

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. 




Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI