Coinbase’s rough start to life as a public company shouldn’t scare investors away from betting on one of the leaders in the booming cryptocurrency industry, according to investment firm Piper Sandler.
Coinbase joined the public markets through a direct listing one month ago, first trading at $381 per share and rising to nearly $430 per share during that initial session. That initial pop dissipated quickly, however, and the stock has traded below $300 per share for most of the past two weeks.
However, long-time Wall Street analyst Rich Repetto initiated coverage of the stock on Friday with an overweight rating, saying in a note to clients that the company was still set to be a leader in fast-growing industry.
