Mizuho reiterates Sell rating on Coinbase (COIN) on muted trading volumes

Mizuho Securities analyst Dan Dolev reiterated a Sell rating and $30.00 price target on Coinbase Global Inc. (NASDAQ: COIN).

"Investors excited about Bitcoin's rally to $30K might be in for a rough awakening when they realize that it didn't boost trading volumes at COIN. As evidence, COIN's average daily volumes are <$1bn in April vs. $1.6bn in March. What's a plausible explanation? We believe large institutional players are buying Bitcoin in hopes that retail would follow. Yet, retail seems uninterested. As evidence: (1) Volumes on COIN - a 'go-to' platform for retail - are declining despite Bitcoin's rally. (2) COIN's market share remains stagnant in April vs. March, further suggesting limited retail participation. (3) More muted increases in ETH vs. BTC indicate that this is not a broad-based crypto renaissance."

For an analyst ratings summary and ratings history on Coinbase Global Inc. click here. For more ratings news on Coinbase Global Inc. click here.

Shares of Coinbase Global Inc. closed at $67.84 yesterday.

You May Also Be Interested In

• Bitmine declares 17 cash dividends on preferred stock through Dec. 2026
• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'