Benzinga - by Zacks, Benzinga Contributor.
Coinbase Global, Inc. (NASDAQ: COIN) ended the recent trading session at $223.61, demonstrating a -0.34% swing from the preceding day's closing price. This change was narrower than the S&P 500's daily loss of 0.46%. Elsewhere, the Dow saw a downswing of 0.98%, while the tech-heavy Nasdaq depreciated by 0.64%.
Prior to today's trading, shares of the company had lost 12.59% over the past month. This has lagged the Finance sector's loss of 5.08% and the S&P 500's loss of 3.04% in that time.
The upcoming earnings release of Coinbase Global, Inc. will be of great interest to investors. The company's earnings report is expected on May 2, 2024. The company's earnings per share (ETF:EPS) are projected to be $0.89, reflecting a 493.33% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $1.2 billion, showing a 55.5% escalation compared to the year-ago quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.44 per share and a revenue of $4.53 billion, indicating changes of +559.46% and +45.74%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Coinbase Global, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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 45.37% higher. Currently, Coinbase Global, Inc. is carrying a Zacks Rank of #1 (Strong Buy).
With respect to valuation, Coinbase Global, Inc. is currently being traded at a Forward P/E ratio of 92.14. This valuation marks a premium compared to its industry's average Forward P/E of 22.19.
The Securities and Exchanges industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 74, positioning it in the top 30% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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