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Coinbase Global, Inc. (COIN) Stock Sinks As Market Gains: What You Should Know

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Coinbase Global, Inc. (COIN - Free Report) closed the most recent trading day at $234.70, moving -1.07% from the previous trading session. This change lagged the S&P 500's 0.28% gain on the day. At the same time, the Dow added 0.11%, and the tech-heavy Nasdaq gained 0.14%.

Coming into today, shares of the company had lost 7.28% in the past month. In that same time, the Finance sector gained 4.89%, while the S&P 500 gained 0.12%.

Investors will be hoping for strength from Coinbase Global, Inc. as it approaches its next earnings release.

It is also important to note the recent changes to analyst estimates for Coinbase Global, Inc.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.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.47% higher within the past month. Coinbase Global, Inc. currently has a Zacks Rank of #3 (Hold).

Looking at its valuation, Coinbase Global, Inc. is holding a Forward P/E ratio of 30.03. This valuation marks a premium compared to its industry's average Forward P/E of 25.44.

The Securities and Exchanges industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 56, which puts it in the top 22% 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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