Coinbase stock edges lower as Raymond James points to softer trading volumes

Coinbase (NASDAQ:COIN) shares are slipping around 3% in premarket trading Monday as Raymond James analyst Patrick Shaughnessy expects the cryptocurrency exchange's Q1 trading volumes to come in weaker than expected. Shaughnessy has maintained his Underperform rating on COIN, which diverges from Wall Street Analyst's Buy rating (11 Strong Buy, 7 Buy, 4 Hold, 1 Strong Sell). For Q1, Coinbase's (COIN) Q1 trading volumes is expected to be $307B, down 9% Y/Y and -44% Q/Q, the note read. As a result, Shaughnessy lowered his Q1 EPS estimate to $0.51 from $0.34. "First quarter results will likely see year-on-year volume declines for Coinbase for the first time as a public company, as a difficult comp was combined with an uneven market backdrop to start the year," the analyst wrote in a note to clients Monday. Also, bitcoin (BTC-USD -3.5%) is sliding back down to $41.1K intraday in a move that could be pushing COIN and other