Coinbase Global, Inc. (COIN) ended the recent trading session at $302.20, demonstrating a +1.05% change from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.21%. On the other hand, the Dow registered a gain of 0.25%, and the technology-centric Nasdaq increased by 0.45%.
Shares of the company have depreciated by 3.69% over the course of the past month, underperforming the Finance sector's gain of 3.47%, and the S&P 500's gain of 3.07%.
Market participants will be closely following the financial results of Coinbase Global, Inc. in its upcoming release. The company is predicted to post an EPS of $1.04, indicating a 67.74% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $1.71 billion, up 42.19% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $7.01 per share and a revenue of $7.03 billion, representing changes of -7.76% and +7.16%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Coinbase Global, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 9.93% higher. Coinbase Global, Inc. is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Coinbase Global, Inc. is presently being traded at a Forward P/E ratio of 42.66. This signifies a premium in comparison to the average Forward P/E of 11.9 for its industry.
The Financial - Miscellaneous Services industry is part of the Finance sector. This group has a Zacks Industry Rank of 53, putting it in the top 22% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Coinbase Global, Inc. (COIN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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