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Coinbase Global, Inc. (COIN) Outpaces Stock Market Gains: What You Should Know
Coinbase Global, Inc. (COIN - Free Report) closed at $55.96 in the latest trading session, marking a +1.45% move from the prior day. This move outpaced the S&P 500's daily gain of 1.19%. Elsewhere, the Dow gained 0.76%, while the tech-heavy Nasdaq added 0.29%.
Coming into today, shares of the company had gained 55.42% in the past month. In that same time, the Finance sector gained 6.33%, while the S&P 500 gained 4.06%.
Investors will be hoping for strength from Coinbase Global, Inc. as it approaches 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%. Meanwhile, our latest consensus estimate is calling for revenue of $586.95 million, down 76.51% from the prior-year quarter.
It is also important to note the recent changes to 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 company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% 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 46, putting it in the top 19% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.