Yahoo Finance Here's Why Coinbase Global, Inc. (COIN) Fell More Than Broader Market
The most recent trading session ended with Coinbase Global, Inc. (COIN) standing at $222.23, reflecting a -0.79% shift from the previouse trading day's closing. This change lagged the S&P 500's daily loss of 0.41%. Elsewhere, the Dow lost 0.12%, while the tech-heavy Nasdaq lost 0.71%.
Shares of the company witnessed a loss of 4.58% over the previous month, trailing the performance of the Finance sector with its loss of 0.28% and the S&P 500's gain of 3.53%.
Market participants will be closely following the financial results of Coinbase Global, Inc. in its upcoming release. On that day, Coinbase Global, Inc. is projected to report earnings of $1.12 per share, which would represent year-over-year growth of 366.67%. Alongside, our most recent consensus estimate is anticipating revenue of $1.47 billion, indicating a 107.83% upward movement from the same quarter last year.
COIN's full-year Zacks Consensus Estimates are calling for earnings of $7.18 per share and revenue of $5.97 billion. These results would represent year-over-year changes of +1840.54% and +92.17%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Coinbase Global, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Coinbase Global, Inc. possesses a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Coinbase Global, Inc. is currently trading at a Forward P/E ratio of 31.22. This denotes a premium relative to the industry's average Forward P/E of 21.26.
The Securities and Exchanges industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 48, finds itself in the top 20% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow COIN in the coming trading sessions, be sure to utilize Zacks.com.
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Coinbase Global, Inc. (COIN): Free Stock Analysis Report
