Coinbase Global, Inc. (COIN) Gains as the Market Goes Down: What You Need to Know

VSoinbase Global, Inc. (COIN) closed the most recent trading day at $53.42, moving +0.6% from the previous trading session. That move topped the S&P 500’s 0.3% daily loss. Elsewhere, the Dow lost 0.46%, while the tech-heavy Nasdaq lost 0.34%.

Today, shares of the company were down 3.47% over the past month. Meanwhile, the financials sector lost 0.23%, while the S&P 500 gained 1.51%.

Investors are hoping for strength from Coinbase Global, Inc. as it approaches its next earnings release. In this report, analysts expect Coinbase Global, Inc. to post a profit of -$3.04 per share. That would mark a year-over-year decline of 147.35%. Meanwhile, our latest consensus estimate calls for revenue of $877.32 million, down 60.62% from the prior year quarter.

For the full year, our Zacks consensus estimates call for earnings of -$8.46 per share and revenue of $3.94 billion, which would represent swings of -158.34% and -49 .73%, respectively, compared to the previous year.

It is also important to note recent changes to analyst estimates for Coinbase Global, Inc. These revisions generally reflect the latest short-term trading trends, which may change frequently. Therefore, we can interpret positive estimate revisions as a good sign for the company’s business outlook.

Based on our research, we believe that these estimate revisions are directly related to the team’s close stock movements. Investors can take advantage of this by using the Zacks ranking. This model accounts for these estimation changes and provides a simple and actionable scoring system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive track record of outperformance verified by external audits, with #1 stocks generating an average annual return of +25% since 1988 Zacks Consensus’ EPS estimate fell 11.23% over the past month. Coinbase Global, Inc. is currently ranked Zacks Rank #3 (Hold).

The securities and trading industry is part of the finance sector. This industry currently has a Zacks Industry Rank of 210, which places it in the bottom 17% of all 250+ industries.

The Zacks Industry Ranking assesses the strength of our individual industry groups by measuring the average Zacks Ranking of individual stocks within the groups. Our research shows that the top 50% of industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and more, at 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.

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