Voyager Digital (VOYG) shares were downgraded to neutral from buy at boutique investment firm Compass Point, which cited headwinds across the crypto ecosystem and questioned how the trading platform’s retail investors will fare during the market rout.
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Compass Point expects more regulatory scrutiny for crypto companies that offer lending products, analyst Chris Allen told clients in a note Tuesday.
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Bitcoin (BTC) has fallen over 30% this year to just above $30,000 and the collapse of terraUSD (UST) has rattled the crypto ecosystem over the last few weeks.
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The firm lowered its earnings estimates and cut its share-price target to C$8 ($6.23) from C$14.
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Toronto-listed Voyager rose about 5% Tuesday after declining on Monday. The shares have lost more than 75% this year.
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Voyager announced plans for a private placement financing Monday for $60 million.
Read more: Voyager Digital Raises $60M in Private Placement Led by Alameda
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