Coinbase Shares Extend Declines for Sixth Day
By Nicholas G. MillerShares of Coinbase continued their slide Monday, making it six consecutive days that the stock has lost value.The stock of the cryptocurrency exchange was down 3.6% Monday to $377.43 and has lost value everyday since closing at a record $419.78 on July 18. The stock is still up 52% so far this year.The losing streak is Coinbase's longest slide since February, when it fell for seven straight days.Monness Crespi Hardt analyst Gus Gala lowered his rating for Coinbase from buy to neutral on Monday. While recent legislation has improved sentiment around cryptocurrency, for Coinbase's valuation to be justified, there has to be a real boost in crypto trading volume, Gala said."We would be interested in revisiting at a lower multiple akin to those of legacy exchanges once real-world drivers/commercialization drives" revenue and volume, Gala said.Write to Nicholas G. Miller at [email protected].