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We recently compiled a list of the 10 Stocks That Underperformed Last Week. In this article, we are going to take a look at where Coinbase Global, Inc. (NASDAQ:COIN) stands against the other stocks.
Wall Street's main indices ended in a bloodbath on Friday, as investors soured on a flurry of macroeconomic factors such as concerns over a slowing economy and a sticky inflation that tempered buying appetite.
Friday’s finish saw the Dow Jones decline by 1.69 percent, the S&P drop by 1.71 percent, and the tech-heavy Nasdaq nosedive by 2.20 percent.
Ten companies, in particular, were heavily hit, registering mostly double-digit losses on a week-on-week basis.
We have listed 10 names that performed poorly last week and detailed the reasons behind their declines. Please note that shares performances were based on the companies’ closing prices last Friday, February 21, as against their prices on February 14, or a week earlier.
To come up with last week's biggest losers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
A shot of someone securely accepting crypto assets as payment, showcasing the company's payment solutions.
Coinbase Global, Inc. (NASDAQ:COIN)
Coinbase Global, Inc. (NASDAQ:COIN) dropped its share prices by 14 percent last week, finishing at $235.38 versus the $274.31 registered on February 14 as investors took profits following the company’s stellar earnings performance.
It can be recalled that Coinbase Global, Inc. (NASDAQ:COIN) registered a 373-percent jump in its net income in the last three months of 2024 to $1.29 billion from $273 million in the same period a year earlier as revenues surged by 138 percent to $2.27 billion from $953.7 million.
Meanwhile, net income for the full year 2024 soared by 2,618 percent to $2.579 billion from $94.87 million in 2023, with revenues jumping by 111 percent to $6.564 billion from $3.108 billion.
In recent news, Coinbase Global, Inc. (NASDAQ:COIN) announced that the Securities and Exchange Commission officially dropped a lawsuit that it filed against the company without any penalties. The dismissal came in line with the Trump administration’s plans to bolster cryptocurrency and make it a “national priority.”
Overall COIN ranks 9th on our list of the stocks that underperformed last week. While we acknowledge the potential of COIN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as COIN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.