Why Coinbase Stock Is Sliding Today

Coinbase Global Inc (NASDAQ:COIN) shares are trading lower Wednesday following a downgrade from Atlantic Equities.

Atlantic Equities analyst Simon Clinch downgraded Coinbase from an Overweight rating to Neutral and announced a $54 price target, citing concerns of a prolonged cryptocurrency bear market. 

Coinbase is the leading cryptocurrency exchange platform in the United States. The company generates a majority of its revenue from transactions. Coinbase stock often trades with the price of Bitcoin (CRYPTO: BTC). Bitcoin was up 3.28% over a 24-hour period at press time.

See Also: Dogecoin Drops As Cryptocurrency Market Battles Dollar Rise

COIN Price Action: Coinbase has a 52-week high of $368.90 and a 52-week low of $40.83.

The stock was down 3.54% at $53.45 at press time, according to data from Benzinga Pro.

Photo: courtesy of Coinbase.