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Strength Seen in Coinbase Global, Inc. (COIN): Can Its 24.0% Jump Turn into More Strength?
Coinbase Global, Inc. (COIN) shares ended the last trading session 24% higher at $81.46. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 74.3% gain over the past four weeks.
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. Improved transactional revenues coupled with subscription and service segments’ revenues are likely to drive the top line of COIN.
Increase in both the average crypto asset prices and total crypto spot market volumes is likely to have driven the overall trading volume of COIN. Higher interest income, growing blockchain rewards and increased subscription fees for Coinbase One are likely to drive subscription and services segments’ revenue
Coinbase Global boasts a solid financial position and expects sufficient liquidity to fund its business through a prolonged stressed market environment.
This company is expected to post quarterly loss of $2.39 per share in its upcoming report, which represents a year-over-year change of -172%. Revenues are expected to be $586.23 million, down 76.5% 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 2.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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 part of the Zacks Securities and Exchanges industry. OTC Markets Group Inc. (OTCM), another stock in the same industry, closed the last trading session 0.8% higher at $58.41. OTCM has returned 1.3% in the past month.
OTC Markets Group Inc.'s consensus EPS estimate for the upcoming report has changed -3.1% over the past month to $0.67. Compared to the company's year-ago EPS, this represents a change of -9.5%. OTC Markets Group Inc. currently boasts a Zacks Rank of #4 (Sell).
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Coinbase Global, Inc. (COIN) : Free Stock Analysis Report
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