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Coinbase Global, Inc. (COIN) Stock Drops Despite Market Gains: Important Facts to Note
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In the latest close session, Coinbase Global, Inc. (COIN - Free Report) was down 1.71% at $250.56. This move lagged the S&P 500's daily gain of 0.62%. Elsewhere, the Dow saw an upswing of 0.99%, while the tech-heavy Nasdaq appreciated by 0.65%.
Prior to today's trading, shares of the company had lost 7.03% lagged the Finance sector's gain of 2.85% and the S&P 500's gain of 0.59%.
The investment community will be closely monitoring the performance of Coinbase Global, Inc. in its forthcoming earnings report. 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%. In the meantime, our current consensus estimate forecasts the revenue to be $1.94 billion, indicating a 14.61% decline compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.96 per share and revenue of $7.33 billion. These totals would mark changes of +4.74% and 0%, respectively, from last year.
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. Therefore, positive revisions in estimates convey analysts' confidence in the 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, 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. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.23% higher. Coinbase Global, Inc. is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Coinbase Global, Inc. is presently being traded at a Forward P/E ratio of 43.37. This denotes a premium relative to the industry average Forward P/E of 12.07.
The Financial - Miscellaneous Services industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 162, positioning it in the bottom 34% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Coinbase Global, Inc. (COIN) Stock Drops Despite Market Gains: Important Facts to Note
In the latest close session, Coinbase Global, Inc. (COIN - Free Report) was down 1.71% at $250.56. This move lagged the S&P 500's daily gain of 0.62%. Elsewhere, the Dow saw an upswing of 0.99%, while the tech-heavy Nasdaq appreciated by 0.65%.
Prior to today's trading, shares of the company had lost 7.03% lagged the Finance sector's gain of 2.85% and the S&P 500's gain of 0.59%.
The investment community will be closely monitoring the performance of Coinbase Global, Inc. in its forthcoming earnings report. 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%. In the meantime, our current consensus estimate forecasts the revenue to be $1.94 billion, indicating a 14.61% decline compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.96 per share and revenue of $7.33 billion. These totals would mark changes of +4.74% and 0%, respectively, from last year.
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. Therefore, positive revisions in estimates convey analysts' confidence in the 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, 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. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.23% higher. Coinbase Global, Inc. is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Coinbase Global, Inc. is presently being traded at a Forward P/E ratio of 43.37. This denotes a premium relative to the industry average Forward P/E of 12.07.
The Financial - Miscellaneous Services industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 162, positioning it in the bottom 34% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.