Riot Blockchain, Inc. (RIOT) Rises as Market Falls: What You Should Know
Riot Blockchain, Inc. (RIOT) closed at $6.83 in the last trading session, marking a move of +1.94% from the previous day. The stock outperformed the S&P 500’s daily loss of 0.21%. Meanwhile, the Dow lost 0.43 percent, and the Nasdaq, a technology-heavy index, rose 0.03 percent.
Heading into today, the company’s shares had lost 3.87% in the past month, outpacing the Business Services sector’s 12.31% loss and the S&P 500’s 9.7% loss in that time.
Wall Street will be looking for positivity from Riot Blockchain, Inc. as it nears its next earnings report date. In that report, analysts expect Riot Blockchain, Inc. to post earnings of $0.04 per share. This will mark a year-over-year decrease of 84.62%. Meanwhile, the Zacks Consensus Estimate for earnings projects net sales of $68.26 million, up 5.32% from the same period last year.
For the full year, our Zacks Consensus Estimates project earnings of -$2.46 per share and revenue of $319.92 million, which would represent year-over-year changes of -510% and +50.02%, respectively.
It is also important to note the recent changes in analyst estimates for Riot Blockchain, Inc. These revisions help show the ever-changing nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company’s business prospects.
Our research shows that these estimate changes are directly correlated with share prices in the short term. Investors can take advantage of this by using the Zacks Rank. This model takes these estimate changes into account and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive externally audited track record, with #1 stocks generating an average annual return of +25% since 1988. the past 30 days, our consensus EPS forecast has moved 15.53% higher. Riot Blockchain, Inc. currently has a Zacks Rank #3 (Hold).
The technology services industry is part of the business services sector. This industry currently has a Zacks Industry Rank of 161, which places it in the bottom 37% of all 250+ industries.
The Zacks Industry Rank measures the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the 50% ranked industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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