Is Coinbase Global (COIN) One of the Most Volatile Stocks to Buy in S&P 500?

Coinbase Global, Inc. (NASDAQ:COIN) is included among the 10 Most Volatile Stocks to Buy in S&P 500.

Is Coinbase Global (COIN) One of the Most Volatile Stocks to Buy in S&P 500?

Founded in 2012, Coinbase Global, Inc. (NASDAQ:COIN) is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies.

On June 1, B. Riley trimmed its price target on Coinbase Global, Inc. (NASDAQ:COIN) from $243 to $203, but maintained its ‘Neutral’ rating on the shares. The lowered target, which still reflects an upside of over 33% from the current price level, comes amid a softer near-term revenue backdrop and revised earnings power estimates.

Coinbase Global, Inc. (NASDAQ:COIN) recorded a second consecutive quarter of losses and fell behind Wall Street estimates in its Q1 report last month. The soft performance was a result of crypto-driven market volatility that sapped the company’s trading volumes during a period ​of broad digital-asset selloff.

However, despite the market being down, Coinbase continued to gain market share globally and reached a new all-time high. Moreover, it is the largest distributor of USDC, with more than 25% of all USDC held in its products.

While we acknowledge the risk and 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 more promising than COIN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 12 Best Dividend Stocks to Invest In According to Hedge Funds and 10 Best Renewable Energy Stocks to Buy According to Billionaires

Disclosure: None. Follow Insider Monkey on Google News.

1281292 - 11759070 - 1