7 Best Cryptocurrency Stocks Of November 2022 – Forbes
Coinbase is the largest pure-play cryptocurrency exchange stock. The company’s exchange allows retail and institutional investors to buy, sell, store and send cryptocurrency. It also holds roughly $153 million in Bitcoin, according to CoinGecko.
The 2022 crypto market sell-off has been particularly harsh on Coinbase. In November, Coinbase reported its revenue dropped more than 50% fro…….
Coinbase is the largest pure-play cryptocurrency exchange stock. The company’s exchange allows retail and institutional investors to buy, sell, store and send cryptocurrency. It also holds roughly $153 million in Bitcoin, according to CoinGecko.
The 2022 crypto market sell-off has been particularly harsh on Coinbase. In November, Coinbase reported its revenue dropped more than 50% from a year earlier. In addition, the company said it has lost roughly 700,000 monthly transacting users (MTUs) in the past two quarters.
Coinbase laid off about 18% of its workforce in June 2022, and the stock is down 77% year to date, making it the worst performer on this list. Fortunately for Coinbase investors, Morningstar equity analyst Michael Miller says the company’s long-term outlook remains bright.
“As the leading U.S.-based cryptocurrency exchange, Coinbase has positioned itself as a reliable on-ramp to the cryptocurrency space for new and experienced cryptocurrency traders alike,” Miller says.
Morningstar has a “buy” rating and $90 fair value estimate for Coinbase. The 25 analysts covering Coinbase have an average price target of $75.
