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Coinbase Global, Inc. (COIN) Dips More Than Broader Markets: What You Should Know
Coinbase Global, Inc. (COIN - Free Report) closed the most recent trading day at $49.42, moving -1.57% from the previous trading session. This move lagged the S&P 500's daily loss of 0.76%. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 10.92%.
Coming into today, shares of the company had gained 42.85% in the past month. In that same time, the Finance sector gained 5.9%, while the S&P 500 gained 2.18%.
Coinbase Global, Inc. will be looking to display strength as it nears its next earnings release. On that day, Coinbase Global, Inc. is projected to report earnings of -$2.39 per share, which would represent a year-over-year decline of 171.99%. Our most recent consensus estimate is calling for quarterly revenue of $586.95 million, down 76.51% from the year-ago period.
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 company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team 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. The Zacks Consensus EPS estimate has moved 2.59% lower within the past month. Coinbase Global, Inc. is holding a Zacks Rank of #3 (Hold) right now.
The Securities and Exchanges industry is part of the Finance sector. This group has a Zacks Industry Rank of 184, putting it in the bottom 27% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.