Shares of wildly-popular cryptocurrency platform Coinbase (COIN) has been free-falling alongside almost anything growth-related these days. Now off over 52% from its all-time high, just north of $350 per share back in November, investors don't seem to be willing to give the intriguing growth stock the benefit of the doubt. With a modest 11.9 times trailing earnings multiple and 34.1 times forward earnings multiple, COIN stock probably should have been spared from the tech-targeted market carnage. Although Coinbase was one of the most exciting companies to go public nearly a year ago, the market seems to be doubting the value proposition to be had in the name.
SEC Hosts First-Ever Crypto Roundtable Today
