In the latest trading session, Coinbase Global, Inc. (COIN) closed at $236.90, marking a -1.18% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 0.03% for the day. At the same time, the Dow lost 0.04%, and the tech-heavy Nasdaq lost 0.09%. Shares of the company witnessed a loss of 9.53% over the previous month, trailing the performance of the Finance sector with its gain of 4.37%, and the S&P 500’s gain of 2.57%.
The investment community will be paying close attention to the earnings performance of Coinbase Global, Inc. in its upcoming release. On that day, Coinbase Global, Inc. is projected to report earnings of $1.08 per share, which would represent a year-over-year decline of 68.14%. At the same time, our most recent consensus estimate is projecting a revenue of $1.94 billion, reflecting a 14.61% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $7.96 per share and revenue of $7.33 billion, which would represent changes of +4.74% and +11.68%, respectively, from the prior year. Investors should also take note of any recent adjustments 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.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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. The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988.
The Zacks Consensus EPS estimate has moved 0.45% lower within the past month. Right now, Coinbase Global, Inc. possesses a Zacks Rank of #3 (Hold). Looking at valuation, Coinbase Global, Inc. is presently trading at a Forward P/E ratio of 30.11. This signifies a premium in comparison to the average Forward P/E of 12.43 for its industry.
The Financial – Miscellaneous Services industry is part of the Finance sector. This group has a Zacks Industry Rank of 102, putting it in the top 42% 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.
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