Wells Fargo’s Gives Coinbase “Underweight” Equivalent Rating

Coinbase’s stock slid over 8% due to changing recommendations from analysts at Wells Fargo and famed short-seller Jim Chanos. The exchange announced a net loss of over $1 billion in Q2 2022, the second negative income quarter in a row. Furthermore, customers could not make ACH withdrawals, deposits, or purchases on 2 October.

Coinbase shares slid 8% following Wells Fargo’s “underweight” recommendation

Famed short-seller Jim Chanos also made negative remarks about Coinbase

The exchange announced a net loss of over $1 billion in Q2 2022, the company’s second negative income quarter in a row

In addition, customers were unable to make ACH withdrawals, deposits, or purchases on 2 October

Despite Coinbase’s success, the company stock has been falling due to changing recommendations from analysts at Wells Fargo. After a detailed report was released on Thursday, which assigned Coinbase with an “underweight” recommendation, Coinbase shares slid 8%. Wells Fargo explained that increased global competition, particularly from Binance.US and FTX US, has negatively affected the exchange’s …

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