Piper calls for ‘more aggressive headcount reduction’ at Coinbase

Despite an 18% workforce reduction in June, Coinbase’s (COIN) headcount is still up 26% year-to-date thru Q3 and went down only 5% quarter-over-quarter, Piper Sandler analyst Richard Repetto tells investors in a research note. The analyst, who believes the company has a "very strong cash position and may even capitalize on the FTX bankruptcy upheaval over the long term," thinks a "more aggressive headcount reduction is a prudent step in managing expenses and sustaining shareholder value in a potential extended ‘crypto winter’ that could result." He points out that Coinbase had almost double Robinhood’s (HOOD) headcount at the end of Q3. Repetto keeps an Overweight rating on Coinbase with a $100 price target.