In the latest market close, Coinbase Global, Inc. (COIN – Free Report) reached $260.01, with a -1.63% movement compared to the previous day. The stock’s change was less than the S&P 500’s daily gain of 0.16%. At the same time, the Dow added 0.25%, and the tech-heavy Nasdaq lost 0.06%.
The company’s stock has dropped by 12.6% in the past month, falling short of the Business Services sector’s loss of 6.27% and the S&P 500’s loss of 2.8%.
The investment community will be paying close attention to the earnings performance of Coinbase Global, Inc. in its upcoming release. The company’s earnings per share (EPS) are projected to be $0.48, reflecting a 53.85% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.41 billion, indicating a 47.69% increase compared to the same quarter of the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Coinbase Global, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts’ confidence in the company’s business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we’ve formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 moved 2.78% higher. Coinbase Global, Inc. is currently a Zacks Rank #1 (Strong Buy).
In the context of valuation, Coinbase Global, Inc. is at present trading with a Forward P/E ratio of 81.61. This signifies a premium in comparison to the average Forward P/E of 13.97 for its industry.
The Financial Transaction Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 77, putting it in the top 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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