Coinbase Global (NASDAQ: COIN) stock tanked hard after a disappointing first-quarter earnings call. Higher expenses and lower revenue can do that to a growth stock in a bull market but the timing for Coinbase's latest call couldn't have been worse.
Coinbase's management team presented disappointing first-quarter results while the algorithmic stablecoin TerraUSD (CRYPTO: UST) and its sister token Terra (CRYPTO: LUNA) were collapsing in spectacular fashion . Cryptocurrency prices tanked across the board when the stablecoin lost its footing and dragged Coinbase stock down, too.
After watching Coinbase lose more than half its value in a week, contrarian investors are wondering if the beating was too severe. Let's look at the good and the bad to see if buying this stock at its beaten-down price makes sense right now.
For further details see:
Is Coinbase a Bad News Buy Right Now?