Coinbase Global, Inc. (COIN) shares soared 11.3% in the last trading session to close at $196.35. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.2% gain over the past four weeks.

This jump is primarily attributable to rise in Bitcoin on Monday’s trading session. Coinbase, being the major holder of bitcoin, which is the largest cryptocurrency, benefited from the positive development. In a report by Investopedia, ‘The price of bitcoin was recently near $66,000, rising some 6% over the past 24 hours according to CoinDesk data’. 

Vice President Kamala Harris’ crypto-friendly attitude added to the upside

COIN is prioritizing crypto utility as it envisions bringing on 1 billion or more people on crypto rail and is thus heavily investing in infrastructure and foundational platforms.

This company is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +3500%. Revenues are expected to be $1.25 billion, up 84.8% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Coinbase Global, the consensus EPS estimate for the quarter has been revised 1.5% 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 is a member of the Zacks Financial Transaction Services industry. One other stock in the same industry, Flyware (FLYW), finished the last trading session 0.1% lower at $16.47. FLYW has returned -7.3% over the past month.

Flyware's consensus EPS estimate for the upcoming report has changed +57.1% over the past month to $0.11. Compared to the company's year-ago EPS, this represents a change of +37.5%. Flyware currently boasts a Zacks Rank of #3 (Hold).

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