Coinbase slips after third straight quarterly loss

As of the last close, the stock was down 27.6% year to date.

At least five brokerages cut price targets after the results.

Jefferies cut its price target to $150, saying Coinbase’s sensitivity to crypto prices remains a significant risk.

Twenty-six out of 38 brokerages rate the stock "buy" or higher, nine rate it "hold", and three rate it "sell" or higher; their median price target is $225, according to data compiled by LSEG.

Shares of cryptocurrency exchange Coinbase Global fell over 5% to $154.52 in premarket trading after the company reported a third straight quarterly loss.

Coinbase reported a second-quarter loss of $359.5 million, or $1.36 a share, compared with a profit of $1.43 billion, or $5.14 a share, a year ago.

The report marked the company’s third straight quarterly loss, hurt by lower transaction revenue as a prolonged downturn in crypto markets curbed trading activity.

Transaction revenue dropped 21% year over year.