Oppenheimer and Wainwright lowered their price targets
Coinbase Global Inc (NASDAQ:COIN) is down 0.9% to trade at $204.57 at last glance, after the cryptocurrency exchange platform shared a first-quarter earnings and revenue miss. Despite stablecoin revenue growth, the company noted tariff uncertainty led to a 17% tumble in consumer trading, as investors lost their appetite for riskier assets.
In response, Oppenheimer and Wainwright slashed their price objectives to $269 and $305 from $279 and $350, respectively. Analysts lean mostly bearish on COIN already, with 16 of 26 in coverage calling it a tepid "hold" or worse. Plus, short interest added 13% in the most recent reporting period, and makes up 5.2% of the stock's available float.
COIN already carries a more than 15% year-to-date deficit, and is trading just above its year-over-year breakeven level. A ceiling at the $225 level has been capping price action since February, but the equity is still relying on support from its ascending 20-day moving average.
Drilling down to today's options activity, with 175,000 calls and 39,000 puts across the tape so far, or 4 times the volume typically seen at this point. Most active is the weekly 5/9 215-strike call, where new positions are being opened. These contracts will also expire after today's close.