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Strength Seen in Coinbase Global (COIN): Can Its 16.3% Jump Turn into More Strength?
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Coinbase Global, Inc. (COIN - Free Report) shares ended the last trading session 16.3% higher at $295.29. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.9% loss over the past four weeks.
The surge likely have been fueled by Senate passing stablecoin bill. COIN is scaling its subscription and services business by pushing stablecoin income. Thus, it is favoring COIN.
COIN has a strong focus on making USDC the dominant dollar-backed stablecoin worldwide, which aligns closely with its broader international expansion strategy. A robust liquidity is supporting its ongoing strategic investments aimed at enhancing its service offerings and driving future growth.
As the largest registered crypto exchange in the United States, Coinbase is well-placed to take advantage of increased market volatility and rising crypto asset prices.
This company is expected to post quarterly earnings of $0.91 per share in its upcoming report, which represents a year-over-year change of -15%. Revenues are expected to be $1.54 billion, up 6.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Coinbase Global, the consensus EPS estimate for the quarter has been revised 10% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on COIN going forward to see if this recent jump can turn into more strength down the road.
Coinbase Global belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, WisdomTree, Inc. (WT - Free Report) , closed the last trading session 1% higher at $10.23. Over the past month, WT has returned 4.1%.
For WisdomTree, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.17. This represents a change of +6.3% from what the company reported a year ago. WisdomTree, Inc. currently has a Zacks Rank of #3 (Hold).
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Strength Seen in Coinbase Global (COIN): Can Its 16.3% Jump Turn into More Strength?
Coinbase Global, Inc. (COIN - Free Report) shares ended the last trading session 16.3% higher at $295.29. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.9% loss over the past four weeks.
The surge likely have been fueled by Senate passing stablecoin bill. COIN is scaling its subscription and services business by pushing stablecoin income. Thus, it is favoring COIN.
COIN has a strong focus on making USDC the dominant dollar-backed stablecoin worldwide, which aligns closely with its broader international expansion strategy. A robust liquidity is supporting its ongoing strategic investments aimed at enhancing its service offerings and driving future growth.
As the largest registered crypto exchange in the United States, Coinbase is well-placed to take advantage of increased market volatility and rising crypto asset prices.
This company is expected to post quarterly earnings of $0.91 per share in its upcoming report, which represents a year-over-year change of -15%. Revenues are expected to be $1.54 billion, up 6.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Coinbase Global, the consensus EPS estimate for the quarter has been revised 10% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on COIN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Coinbase Global belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, WisdomTree, Inc. (WT - Free Report) , closed the last trading session 1% higher at $10.23. Over the past month, WT has returned 4.1%.
For WisdomTree, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.17. This represents a change of +6.3% from what the company reported a year ago. WisdomTree, Inc. currently has a Zacks Rank of #3 (Hold).