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Why Coinbase Dipped Lower Following Robinhood Markets News

Published 27/06/2022, 20:55
Updated 27/06/2022, 21:41
© Reuters.  Why Coinbase Dipped Lower Following Robinhood Markets News

© Reuters. Why Coinbase Dipped Lower Following Robinhood Markets News

Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) shares are trading lower by 10.99% to $55.82 Monday afternoon after Goldman Sachs (NYSE:GS) downgraded the stock from Neutral to Sell and lowered its price target from $70 to $45. Weakness later in the day also came following a report FTX is said to be exploring a deal for peer company Robinhood Markets Inc (NASDAQ: NASDAQ:HOOD).

Bloomberg reported Monday that Sam Bankman-Fried’s FTX crypto exchange is exploring whether it might be able to acquire Robinhood Markets, according to people with knowledge of the matter.

A new 13D filing from Robinhood last month showed that Emergent Fidelity Technologies and Sam Bankman-Fried own 56,273,469 shares of Robinhood. The position represents a 7.6% ownership stake in the company... Read More

See Also: Why Axsome Therapeutics Stock Is Soaring Today

Coinbase is an American cryptocurrency exchange platform.

According to data from Benzinga Pro, Coinbase has a 52-week high of $368.90 and a 52-week low of $40.83.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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