Analysts Are Downgrading These 5 Stocks

2. Coinbase Global, Inc. (NASDAQ:COIN)

Number of Hedge Fund Holders: 46

JPMorgan recently slashed its ratings for Coinbase Global, Inc. (NASDAQ:COIN) from “Overweight” to “Neutral,” and trimmed its price target for the stock from $171 per share to $68 per share. The downgrade follows a sharp drop in the price of digital currencies.

JPMorgan analyst Kenneth Worthington thinks the declining prices of cryptocurrencies would impact the profitability of Coinbase Global, Inc. (NASDAQ:COIN) in the near future. Worthington also expects the downturn in the crypto market to negatively impact Coinbase Global’s revenue.

Meanwhile, Coinbase Global, Inc. (NASDAQ:COIN) plans to trim 18 percent of its full-time workforce. The percentage translates to about 1,100 job cuts. The news follows the dropping share price of Coinbase. The stock has lost about 80 percent of its value so far in 2022.