Riot Blockchain, Inc. (RIOT) Stock Sinks As Market Gains: What You Should Know

Riot Blockchain, Inc. (RIOT) closed at $7.32 in the latest trading session, marking a -1.08% move from the prior day. This change lagged the S&P 500’s 1.42% gain on the day. Elsewhere, the Dow gained 0.97%, while the tech-heavy Nasdaq lost 0.07%.

Coming into today, shares of the company had gained 76.61% in the past month. In that same time, the Business Services sector gained 9.42%, while the S&P 500 gained 6.69%.

Investors will be hoping for strength from Riot Blockchain, Inc. as it approaches its next earnings release. In that report, analysts expect Riot Blockchain, Inc. to post earnings of $0.08 per share. This would mark a year-over-year decline of 38.46%. Our most recent consensus estimate is calling for quarterly revenue of $77.24 million, up 124.85% from the year-ago period.

RIOT’s full-year Zacks Consensus Estimates are calling for earnings of $0.64 per share and revenue of $345.62 million. These results would represent year-over-year changes of +6.67% and +62.08%, respectively.

Investors should also note any recent changes to analyst estimates for Riot Blockchain, Inc.These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 31.32% lower. Riot Blockchain, Inc. is currently sporting a Zacks Rank of #3 (Hold).

Digging into valuation, Riot Blockchain, Inc. currently has a Forward P/E ratio of 11.6. This represents a discount compared to its industry’s average Forward P/E of 26.33.

The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 127, which puts it in the top 50% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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