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Coinbase Global, Inc. (COIN) Gains But Lags Market: What You Should Know

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Coinbase Global, Inc. (COIN - Free Report) ended the recent trading session at $124.75, demonstrating a +0.33% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 1.23% for the day. Meanwhile, the Dow gained 1.06%, and the Nasdaq, a tech-heavy index, added 1.7%.

Heading into today, shares of the company had lost 26% over the past month, lagging the Finance sector's loss of 3.81% and the S&P 500's gain of 0.94% in that time.

Investors will be eagerly watching for the performance of Coinbase Global, Inc. in its upcoming earnings disclosure. On that day, Coinbase Global, Inc. is projected to report earnings of -$0.12 per share, which would represent year-over-year growth of 95.12%. Alongside, our most recent consensus estimate is anticipating revenue of $710.83 million, indicating a 12.99% upward movement from the same quarter last year.

It is also important to note the recent changes to analyst estimates for Coinbase Global, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 13.07% increase. Coinbase Global, Inc. is holding a Zacks Rank of #2 (Buy) right now.

The Securities and Exchanges industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 16, positioning it in the top 7% 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.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.


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