Coinbase Global, Inc. (COIN) Dips More Than Broader Markets: What You Should Know

In the latest trading session, Coinbase Global, Inc. (COIN) closed at $77.23, marking a -1.87% move from the previous day. This change lagged the S&P 500’s daily loss of 1.13%. Meanwhile, the Dow lost 0.56%, and the Nasdaq, a tech-heavy index, added 0.16%.

Prior to today’s trading, shares of the company had lost 7.89% over the past month. This has lagged the Finance sector’s loss of 6.7% and the S&P 500’s loss of 7.59% in that time.

Coinbase Global, Inc. will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of -$2.20, down 235.8% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $669.71 million, down 48.95% from the prior-year quarter.

COIN’s full-year Zacks Consensus Estimates are calling for earnings of -$11.02 per share and revenue of $3.46 billion. These results would represent year-over-year changes of -176% and -55.86%, respectively.

It is also important to note the recent changes to analyst estimates for Coinbase Global, Inc.Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 11.77% lower. Coinbase Global, Inc. is currently a Zacks Rank #3 (Hold).

The Securities and Exchanges industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 74, which puts it in the top 30% 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.

To follow COIN in the coming trading sessions, be sure to utilize Zacks.com.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.