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Coinbase Global, Inc. (COIN) Soars 9.8%: Is Further Upside Left in the Stock?
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Coinbase Global, Inc. (COIN - Free Report) shares soared 9.8% in the last trading session to close at $89.15. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 60.6% gain over the past four weeks.
Higher subscription and services revenues, improved product suite and declining expenses continue to drive COIN.
Coinbase Global is likely to gain from increased adoption of a greater number of crypto assets, higher volatility and a rise in interest across the entire crypto economy. The company is also implementing the second phase of crypto adoption, that is, crypto as a technology.
COIN believes revenue diversification is a means to grow in the long term so that one macro event does not affect all revenue streams. An increase in both the average crypto asset prices and total crypto spot market volumes should drive the overall trading volume of COIN.
This company is expected to post quarterly loss of $0.84 per share in its upcoming report, which represents a year-over-year change of +83%. Revenues are expected to be $653.81 million, down 19.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Coinbase Global, Inc., the consensus EPS estimate for the quarter has been revised 3.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on COIN going forward to see if this recent jump can turn into more strength down the road.
Coinbase Global, Inc. is a member of the Zacks Securities and Exchanges industry. One other stock in the same industry, Nasdaq (NDAQ - Free Report) , finished the last trading session 1.2% higher at $49.71. NDAQ has returned -3.7% over the past month.
For Nasdaq, the consensus EPS estimate for the upcoming report has changed -0.8% over the past month to $0.65. This represents a change of -5.8% from what the company reported a year ago. Nasdaq currently has a Zacks Rank of #3 (Hold).
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Coinbase Global, Inc. (COIN) Soars 9.8%: Is Further Upside Left in the Stock?
Coinbase Global, Inc. (COIN - Free Report) shares soared 9.8% in the last trading session to close at $89.15. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 60.6% gain over the past four weeks.
Higher subscription and services revenues, improved product suite and declining expenses continue to drive COIN.
Coinbase Global is likely to gain from increased adoption of a greater number of crypto assets, higher volatility and a rise in interest across the entire crypto economy. The company is also implementing the second phase of crypto adoption, that is, crypto as a technology.
COIN believes revenue diversification is a means to grow in the long term so that one macro event does not affect all revenue streams. An increase in both the average crypto asset prices and total crypto spot market volumes should drive the overall trading volume of COIN.
This company is expected to post quarterly loss of $0.84 per share in its upcoming report, which represents a year-over-year change of +83%. Revenues are expected to be $653.81 million, down 19.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Coinbase Global, Inc., the consensus EPS estimate for the quarter has been revised 3.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on COIN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Coinbase Global, Inc. is a member of the Zacks Securities and Exchanges industry. One other stock in the same industry, Nasdaq (NDAQ - Free Report) , finished the last trading session 1.2% higher at $49.71. NDAQ has returned -3.7% over the past month.
For Nasdaq, the consensus EPS estimate for the upcoming report has changed -0.8% over the past month to $0.65. This represents a change of -5.8% from what the company reported a year ago. Nasdaq currently has a Zacks Rank of #3 (Hold).