In the latest trading session, Coinbase Global, Inc. (COIN) closed at $258.26, marking a +1.08% move from the previous day. The stock outpaced the S&P 500’s daily gain of 0.17%.
Prior to today’s trading, shares of the company had gained 4.59% over the past month. This has outpaced the Finance sector’s gain of 0.4% and the S&P 500’s gain of 1.84% in that time.
Investors will be hoping for strength from COIN as it approaches its next earnings release, which is expected to be August 10, 2021.
Any recent changes to analyst estimates for COIN 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. COIN currently has a Zacks Rank of #4 (Sell).
Looking at its valuation, COIN is holding a Forward P/E ratio of 28.23. Its industry sports an average Forward P/E of 25.07, so we one might conclude that COIN is trading at a premium comparatively.
The Securities and Exchanges industry is part of the Finance sector. This group has a Zacks Industry Rank of 230, putting it in the bottom 10% 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.
To follow COIN in the coming trading sessions, be sure to utilize 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.