Coinbase Stock Tumbles Over 5%, Breaks Below $200 Level
Shares of Coinbase Global Inc (NASDAQ: COIN) experienced a sharp decline during Thursday’s trading session, falling significantly and breaking below a key psychological price level.
As of 1:24 pm GMT-4 on April 28th, the cryptocurrency exchange platform’s stock was trading at 198.40 USD. This represented a substantial drop of 11.24 USD, equating to a 5.36 percent loss for the day so far. The price dipped considerably below the previous closing value of 209.64 USD.
The trading day began with Coinbase opening at 208.20 USD and briefly reaching a high of 208.78 USD. However, selling pressure quickly took hold, driving the stock steadily downward throughout the morning and into the afternoon. It hit an intraday low of 198.11 USD, near its current trading level.
Coinbase currently has a market capitalization of approximately 50.4 Billion USD. The company’s stock trades with a Price-to-Earnings (P/E) ratio of 20.93. Coinbase does not currently pay a dividend to its shareholders.
Looking at the stock’s performance over the past year, the current price is well below its 52-week high of 349.75 USD. It is, however, still trading above its 52-week low of 142.58 USD.
