Coinbase (COIN) stock price down 1.4%, underperforms S&P 500, but expect strong earnings report.

From Nasdaq
October 22, 2024 5:45:19 pm:

Coinbase Global, Inc. (COIN) closed at $210.72, down 1.4% from the previous day, underperforming the S&P 500. Shares have surged 25.56% in the last month, beating the Business Services sector and S&P 500. Earnings report on October 30 is expected to show a 3600% increase in EPS and $1.25 billion in revenue.

Analyst estimates predict Coinbase’s annual earnings to be $5.18 per share and revenue of $5.65 billion, showing significant growth. Changes in analyst estimates impact stock performance, with a Zacks Rank of #3 (Hold) currently. The Zacks Rank system has a history of strong performance, with #1 stocks providing a +25% return annually since 1988.

Coinbase Global, Inc. is currently trading at a Forward P/E ratio of 41.26, higher than the industry average of 17.83. The Financial Transaction Services industry ranks in the top 40% of all industries. Zacks Industry Rank data indicates that top-rated industries outperform the lower half by a 2 to 1 ratio. Stay updated on stock metrics at Zacks.com.

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Read more at Nasdaq.: Coinbase Global, Inc. (COIN) Falls More Steeply Than Broader Market: What Investors Need to Know