In the latest trading session, Coinbase Global, Inc. (COIN) closed at $227.48, marking a +0.98% move from the previous day. The stock outpaced the S&P 500’s daily loss of 1.19%.
Heading into today, shares of the company had lost 15.28% over the past month, lagging the Finance sector’s loss of 2.52% and the S&P 500’s loss of 3.16% in that time.
COIN will be looking to display strength as it nears its next earnings release.
Investors should also note any recent changes to analyst estimates for COIN. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about 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. Within the past 30 days, our consensus EPS projection remained stagnant. COIN is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, COIN is holding a Forward P/E ratio of 16.44. Its industry sports an average Forward P/E of 23.47, so we one might conclude that COIN is trading at a discount comparatively.
The Securities and Exchanges industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 70, which puts it in the top 28% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Zacks’ Top Picks to Cash in on Artificial Intelligence
This world-changing technology is projected to generate $100s of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.