Coinbase (COIN), Crypto exchange shares plunged to an all-time low following the fall in the value of bitcoin. However, analysts still expect quotes to increase by more than 70% within a year. Coinbase exchange saw its price decline by 5.6% to $ 243.9 per share. Security prices dropped by 7.8% to $ 238.25 per share during the session. The previous business day’s closing price was $258.37. A price drop on Coinbase has caused the company to fall below its listing price for the first time. In mid-April, the NASDAQ set the reference price for the stock at $250 per share.
Traders were hurt by the fall in bitcoin’s value after the coin’s worth was questioned by Elon Musk, the director of Tesla and SpaceX. A bitcoin price of $42 thousand fell on May 17 for the first time since February 2021.
Coinbase (COIN) was established in 2012. On April 14, the company gained direct access to the NASDAQ’s stock market with a direct listing, becoming the first cryptocurrency exchange in the world to list on the NASDAQ. Shares went on sale for $ 381 per share on debut. The stock surged 71% in the first minutes following the opening, rising to $429.54. Although the securities lost ground to this mark, they have not risen since then.
QBF’s director of IPO, JavidIsaev, explains that the paper’s high price can directly be explained by the huge information noise in the cryptocurrency market and the fact that Bitcoin was trading near its historic high. Refinitiv forecasts that the value of crypto exchange shares will rise from their current level. Over the next 12 months, the consensus forecast for the stock is $418 per share, up 70% over current prices. Among the experts, nine recommend buying securities, while four suggest holding stocks in a portfolio.
Coinbase (COIN) shares were down -1.71% in premarket trading Monday. Coinbase Global Inc.’s stock decreased by -3.92% to $248.24 during the last trading session. The stock traded for a volume of 8.83 million shares. The shares of Coinbase have retreated to -15.41% in the last five days; however, they have lost -27.42% over the last one month. The stock price has lost -24.38% so far this year. Further, the stock is being traded at a price-to-earnings ratio of 387.88.