Analysts at Needham & Company LLC have lowered their price target for Coinbase (Nasdaq: COIN), the largest cryptocurrency trading exchange in the U.S.
Founded by Brian Armstrong and Fred Ehrsam in 2012, Coinbase became a public company in 2021.
The company, which operates digital asset exchange platforms in more than 100 countries across the world, joined the coveted S&P 500 index in May this year.
Related: Coinbase stock surges after new India announcement
Veteran investor Cathie Wood, never the one to miss crypto and other emerging tech trends, keeps acquiring Coinbase shares through ARK Invest.
In fact, COIN remains one of veteran investor Cathie Wood’s favorite stocks, as data shows.
As per StockCircle, Wood owns $580 million worth of COIN shares which account for 3.77% of her total portfolio.
However, the company’s stock has dipped 4.5% year-to-date (YTD), primarily due to the ongoing crypto market crash that began in October.
In a note issued to investors on Dec. 29, the analysts at Needham lowered their price target from $400 to $290.
While the analysts predicted a 30% drop for the crypto stock, they continued to maintain a “buy” rating on Coinbase .
Recently, other analysts have also offered their opinion on Coinbase.
JPMorgan Chase & Co. dropped their price target on the stock from $404 to $399 with an “overweight” rating in a report on Oct. 31.
Deutsche Bank analyst granted a “buy” rating and a price target of $340 to the battered crypto stock on Dec. 17.
Goldman Sachs analyst offered a “neutral” rating and a price target of $294 to the stock on Dec. 18.
The COIN stock was exchanging hands at $238 in pre-market hours on Dec. 29.
Analysts at Needham & Company LLC also lowered their price target on Robinhood (Nasdaq: HOOD) from $145 to $135 in a note issued to investors on Dec. 29.
Founded in 2013, Robinhood is an e-trading platform offering cryptocurrencies and tokenized stocks. While it became a public company in 2021, it joined the S&P 500 index in September this year.
Though the company’s stock has risen 215% year-to-date (YTD), it has declined by roughly 25% since Oct. 10.
On the other hand, Barclays analysts issued an “overweight” rating and raised their price target on Robinhood from $168 to $171 on Dec. 12.
