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

VSoinbase Global, Inc. (COIN) closed at $219.50 in the last trading session, marking a -1.13% move from the previous day. That move lagged the S&P 500’s daily 0.97% loss. Meanwhile, the Dow Jones lost 0.96% and the tech-heavy Nasdaq gained 0.23%.

Going into today, shares of the company had lost 10.37% over the past month, trailing the 3.93% gain in the financials sector and the 0.78% loss in the S&P 500 during this period.

Coinbase Global, Inc. will look to show strength ahead of its next earnings release.

Any recent changes in analyst estimates for Coinbase Global, Inc. should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term trading trends. Therefore, we can interpret positive estimate revisions as a good sign for 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.

The Zacks ranking system ranges from #1 (strong buy) to #5 (strong sell). It has a remarkable track record of third-party audited success, with #1 stocks offering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has fallen 0.13% . Coinbase Global, Inc. is currently ranked Zacks Rank #3 (Hold).

Investors should also note Coinbase Global, Inc.’s current valuation metrics, including its Forward P/E ratio of 28.11. For comparison, its industry has an average Forward P/E of 24.87, which means Coinbase Global, Inc. is trading at a premium to the group.

The securities and trading industry is part of the finance sector. This industry currently has a Zacks Industry ranking of 61, which places it in the top 24% of over 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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