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Here's Why Coinbase Global, Inc. (COIN) Fell More Than Broader Market
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In the latest trading session, Coinbase Global, Inc. (COIN - Free Report) closed at $158.18, marking a -4.04% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 1.44% for the day. At the same time, the Dow lost 0.09%, and the tech-heavy Nasdaq lost 2.22%.
The company's shares have seen a decrease of 10.89% over the last month, not keeping up with the Finance sector's gain of 3.16% and the S&P 500's gain of 0.08%.
Analysts and investors alike will be keeping a close eye on the performance of Coinbase Global, Inc. in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.31, reflecting a 158.33% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.38 billion, indicating a 7.59% decrease compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.74 per share and a revenue of $6.06 billion, representing changes of -56.82% and -15.59%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Coinbase Global, Inc. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 8.96% lower. Coinbase Global, Inc. currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Coinbase Global, Inc. currently has a Forward P/E ratio of 94.81. This indicates a premium in contrast to its industry's Forward P/E of 11.03.
It's also important to note that COIN currently trades at a PEG ratio of 5.82. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Financial - Miscellaneous Services industry was having an average PEG ratio of 1.07.
The Financial - Miscellaneous Services industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 100, placing it within the top 41% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
View the Zacks #1 Rank List
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Here's Why Coinbase Global, Inc. (COIN) Fell More Than Broader Market
In the latest trading session, Coinbase Global, Inc. (COIN - Free Report) closed at $158.18, marking a -4.04% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 1.44% for the day. At the same time, the Dow lost 0.09%, and the tech-heavy Nasdaq lost 2.22%.
The company's shares have seen a decrease of 10.89% over the last month, not keeping up with the Finance sector's gain of 3.16% and the S&P 500's gain of 0.08%.
Analysts and investors alike will be keeping a close eye on the performance of Coinbase Global, Inc. in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.31, reflecting a 158.33% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.38 billion, indicating a 7.59% decrease compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.74 per share and a revenue of $6.06 billion, representing changes of -56.82% and -15.59%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Coinbase Global, Inc. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 8.96% lower. Coinbase Global, Inc. currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Coinbase Global, Inc. currently has a Forward P/E ratio of 94.81. This indicates a premium in contrast to its industry's Forward P/E of 11.03.
It's also important to note that COIN currently trades at a PEG ratio of 5.82. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Financial - Miscellaneous Services industry was having an average PEG ratio of 1.07.
The Financial - Miscellaneous Services industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 100, placing it within the top 41% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.