Coinbase Global (COIN) stock drops more than S&P 500, but expected to have strong earnings

From Nasdaq: 2024-06-20 17:45:18

In the latest trading session, Coinbase Global, Inc. (COIN) closed at $235.03, down 0.39% from the previous day, underperforming the S&P 500. The stock has climbed 1.92% in the past month, surpassing the Finance sector but lagging behind the S&P 500. The Dow rose 0.77%, while the Nasdaq fell 0.79%.

Investors await Coinbase Global, Inc.’s upcoming earnings report, expecting EPS of $1.12, a 366.67% increase from last year. Revenue estimates are at $1.41 billion, a 98.72% jump. Full-year projections forecast earnings of $7.18 per share and revenue of $5.7 billion, with estimates showing significant growth from the previous year.

The Zacks Rank system rates Coinbase Global, Inc. as a #1 (Strong Buy), indicating analysts’ confidence in the company’s performance. The stock’s Forward P/E ratio of 32.88 is higher than the industry average. In the Finance sector, the Securities and Exchanges industry has a Zacks Industry Rank of 74, ranking in the top 30%.

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Read more at Nasdaq: Coinbase Global, Inc. (COIN) Suffers a Larger Drop Than the General Market: Key Insights