Coinbase Global, Inc. (COIN) Stock Moves -0.1%: What You Should Know

Coinbase Global, Inc. (COIN) closed at $234 in the latest trading session, marking a -0.1% move from the prior day. This change traded in line with S&P 500. Elsewhere, the Dow lost 0.47%, while the tech-heavy Nasdaq lost 0.47%.

Prior to today's trading, shares of the company had lost 18.52% over the past month. This has lagged the Finance sector's gain of 5.04% and the S&P 500's gain of 3.67% in that time.

Wall Street will be looking for positivity from Coinbase Global, Inc. as it approaches its next earnings report date.

Any recent changes to analyst estimates for Coinbase Global, Inc. should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

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 has moved 0.66% higher within the past month. Coinbase Global, Inc. currently has a Zacks Rank of #2 (Buy).

Digging into valuation, Coinbase Global, Inc. currently has a Forward P/E ratio of 29.6. This represents a premium compared to its industry's average Forward P/E of 25.65.

The Securities and Exchanges industry is part of the Finance sector. This group has a Zacks Industry Rank of 37, putting it in the top 15% 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.

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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.