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

Zacks Equity Research
·2-min read

Coinbase Global, Inc. (COIN) closed at $219.50 in the latest trading session, marking a -1.13% move from the prior day. This move lagged the S&P 500's daily loss of 0.97%. At the same time, the Dow lost 0.96%, and the tech-heavy Nasdaq gained 0.23%.

Heading into today, shares of the company had lost 10.37% over the past month, lagging the Finance sector's gain of 3.93% and the S&P 500's loss of 0.78% in that time.

Coinbase Global, Inc. will be looking to display strength as it nears its next earnings release.

Any recent changes to analyst estimates for Coinbase Global, Inc. should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

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Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.13% lower. Coinbase Global, Inc. is currently a 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 Exchanges industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 61, which puts it in the top 24% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual 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.

You can find more information on all of these metrics, and much more, on Zacks.com.


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