Coinbase Global, Inc. (COIN) Plunges More Than Broader Markets: What You Need to Know – October 26, 2022

During the last trading session, Coinbase Global, Inc. (PIECE OF MONEY Free Report) closed at $73.81, marking a -1.65% move from the previous day. This change lagged the S&P 500’s 0.74% loss on the day. Meanwhile, the Dow Jones gained 0.01% and the tech-heavy Nasdaq lost 0.01%.

Going into today, the company’s shares had gained 19.03% over the past month, outpacing the financials sector’s gain of 3.51% and the S&P 500’s gain of 4.58% in the past month. during this period.

Coinbase Global, Inc. will look to show strength ahead of its next earnings release, which is expected on November 3, 2022. The company is expected to post EPS of -$2.23, down from 237.65 % compared to the quarter of the previous year. Meanwhile, Zacks consensus estimate for revenue calls for net sales of $642.76 million, down 51.01% from the prior year period.

For the full year, our Zacks consensus estimates call for earnings of -$11.15 per share and revenue of $3.34 billion, which would represent swings of -176.9% and -57 .36%, respectively, compared to the previous year.

Investors should also note any recent changes to analyst estimates for Coinbase Global, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can view positive estimate revisions as a sign of optimism about the company’s business outlook.

Our research shows that these estimate changes are directly correlated to short-term stock prices. 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.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven track record of outperformance, with #1 stocks returning an average of +25% per year since 1988. In the past 30 days, our consensus EPS projection is down 0.25%. Coinbase Global, Inc. is currently ranked Zacks Rank #3 (Hold).

The securities and trading industry is part of the finance sector. This group has a Zacks Industry Ranking of 49, which places it in the top 20% of over 250 industries.

The Zacks Industry Ranking assesses the strength of our 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.

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