{"id":31591,"date":"2026-10-30T23:27:03","date_gmt":"2026-10-30T23:27:03","guid":{"rendered":"https:\/\/pettysackingforum.com\/?p=31591"},"modified":"2026-10-30T23:27:03","modified_gmt":"2026-10-30T23:27:03","slug":"coinbase-stock-hits-two-year-low-as-analyst-cuts-and-binance-hack-weigh","status":"publish","type":"post","link":"https:\/\/pettysackingforum.com\/?p=31591","title":{"rendered":"Coinbase stock hits two-year low as analyst cuts and Binance hack weigh"},"content":{"rendered":"
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Coinbase (NASDAQ: COIN) shares fell to their lowest level in more than two years on Friday as Wall Street analysts lowered price targets following the cryptocurrency exchange’s third-quarter results. <\/p>\n

A broader sell-off in digital assets and concerns surrounding a reported $6.3 billion Binance hack<\/a> added to the pressure on crypto-related stocks.<\/p>\n

COIN shares dropped more than 14% during trading, reaching levels last seen in February 2024. <\/p>\n

Bitcoin also came under pressure, falling as much as 4.8% over 24 hours to around $76,900.<\/p>\n

Other cryptocurrency-linked stocks also declined. <\/p>\n

Circle Internet Group fell 10.7%, while Strategy shares lost 8.88%, reflecting broader weakness across the digital asset sector.<\/p>\n

Wall Street analysts lower Coinbase price targets<\/h2>\n

Needham, Rosenblatt, JPMorgan, Barclays and other investment firms lowered their price targets on Coinbase following its third-quarter earnings report.<\/p>\n

Coinbase reported earnings of $2.51 per share, significantly exceeding the consensus estimate of $0.08, according to Koyfin. <\/p>\n

However, revenue of $1.21 billion came in slightly below expectations of $1.22 billion.<\/p>\n

Analysts highlighted weaker cryptocurrency trading activity, a softer revenue outlook and higher operating costs as concerns.<\/p>\n

Barclays lowered its price target to $120 from $149 while maintaining an Underweight rating. <\/p>\n

The firm said Coinbase’s revenue run rate heading into the fourth quarter was trending lower, while costs were expected to exceed previous estimates.<\/p>\n

This prompted a sizeable reduction in its near-term earnings before interest, taxes, depreciation and amortisation (EBITDA) forecasts.<\/p>\n

Needham also reduced its price target to $197 from $205 but maintained a Buy rating.<\/p>\n

Despite the earnings beat, analysts remained cautious about the company’s near-term revenue prospects as trading activity weakened.<\/p>\n

New products provide some support amid weak crypto trading<\/h2>\n

Coinbase’s expansion beyond conventional cryptocurrency trading has provided some support amid subdued market conditions.<\/p>\n

Rosenblatt analyst Chris Brendler described the third-quarter results as the “clearest evidence yet” that Coinbase’s Everything Exchange strategy was working.<\/p>\n

The analyst said newer products were absorbing some of the weakness in cryptocurrency trading that would otherwise have weighed more heavily on revenue.<\/p>\n

Wells Fargo also highlighted prediction markets and USDC as areas helping cushion the weaker cryptocurrency environment. <\/p>\n

However, the firm said the quarterly results did not indicate a broader acceleration in business activity.<\/p>\n

JPMorgan analyst Kenneth Worthington noted that the transaction environment remained challenging and that assigning value to Coinbase’s expanding prediction markets business was difficult.<\/p>\n

Goldman Sachs pointed to Coinbase’s scale, profitability, distribution, expense discipline and expansion into prediction markets and cryptocurrency derivatives as factors supporting its competitive position.<\/p>\n

Coinbase also reported that its prediction markets business had surpassed $200 million in annualised revenue.<\/p>\n

The exchange posted net income of $719 million, supported by approximately $715 million in gains on cryptocurrency investments. <\/p>\n

Adjusted net income, excluding investment gains and other items, stood at $78 million. Net revenue declined approximately 34% year over year to $1.16 billion.<\/p>\n

Binance hack adds to pressure on cryptocurrency stocks<\/h2>\n

The analyst downgrades coincided with renewed concerns about cryptocurrency security following the reported $6.3 billion Binance hack.<\/p>\n

The incident has raised questions about cybersecurity across the digital asset industry, even as there are no specific indications that Coinbase or Circle are particularly vulnerable to a similar attack.<\/p>\n

Needham warned that developments surrounding Binance had unsettled cryptocurrency markets and identified AI-driven hacking risks as a concern for the sector heading into 2027.<\/p>\n

Binance said it had reserved more than $6.34 billion in company funds to cover losses, including $5 billion already held in the affected tokens. <\/p>\n

The exchange is also working to recover approximately $3 billion in frozen assets.<\/p>\n

The incident could have broader implications if it discourages cryptocurrency trading or reduces stablecoin usage. <\/p>\n

Lower trading volumes would potentially affect Coinbase and Circle’s business activity.<\/p>\n<\/p>\n

The post Coinbase stock hits two-year low as analyst cuts and Binance hack weigh<\/a> appeared first on Invezz<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase (NASDAQ: COIN) shares fell to their lowest level in more than two years on Friday as Wall Street analysts lowered price targets following the cryptocurrency exchange’s third-quarter results. A broader sell-off in digital assets and concerns surrounding a reported $6.3 billion Binance hack added to the pressure on crypto-related stocks. COIN shares dropped more […]<\/p>\n","protected":false},"author":1,"featured_media":31592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[],"class_list":["post-31591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=\/wp\/v2\/posts\/31591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31591"}],"version-history":[{"count":0,"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=\/wp\/v2\/posts\/31591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=\/wp\/v2\/media\/31592"}],"wp:attachment":[{"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pettysackingforum.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}