Investors in Coinbase Global Inc (NASDAQ:COIN) need to watch the $282 level, co-host Dennis Dick said Monday on Benzinga’s YouTube show “PreMarket Prep.”
Co-host Joel Elconin noted that the most concerning thing about the stock is the lack of a bounce. $282 is the all-time low for the stock and it needs to hold, Dick said.
The stock is oversold, but if it goes below that level, Dick said it’s probably time to sell, adding that investors shouldn’t hold stocks making new all-time lows.
Cathie Wood, the CEO and CIO of ARK Investment Management, has become quite popular in recent years as her funds continue to outperform.
She purchased shares of Coinbase for the ARK Next Generation Internet ETF (NYSE:ARKW) multiple times since Coinbase went public.
Related Link: Cathie Wood Adds $33.8M Shares In Shopify, Sells More Square To Pile Up Coinbase
Coinbase went public via direct listing April 14 on the Nasdaq. Since that time, the stock has traded as high as $429.04 and as low as $282.07.
At last check Monday, Coinbase was down 0.27% at $296.85.
Photo courtesy of Coinbase.
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