Why Coinbase Dipped Lower Following Robinhood Markets News

Coinbase Global Inc COIN shares are trading lower by 10.99% to $55.82 Monday afternoon after Goldman Sachs 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 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

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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.