Coinbase Global, Inc. (COIN) Laps the Stock Market: Here's Why
In the latest trading session, Coinbase Global, Inc. (COIN) closed at $245.12, marking a +2.47% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.88%. Elsewhere, the Dow gained 0.38%, while the tech-heavy Nasdaq added 1.31%.
Shares of the company have appreciated by 0.44% over the course of the past month, underperforming the Finance sector's gain of 4.46%, and the S&P 500's gain of 2.48%.
Investors will be eagerly watching for the performance of Coinbase Global, Inc. in its upcoming earnings disclosure. The company is forecasted to report an EPS of $1.1, showcasing a 67.55% downward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.94 billion, indicating a 14.61% decrease compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.96 per share and revenue of $7.33 billion. These totals would mark changes of +4.74% and +11.68%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Coinbase Global, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Right now, Coinbase Global, Inc. possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Coinbase Global, Inc. currently has a Forward P/E ratio of 30.03. This valuation marks a premium compared to its industry average Forward P/E of 12.27.
The Financial - Miscellaneous Services industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 89, positioning it in the top 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Coinbase Global, Inc. (COIN): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
