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

Riot Blockchain, Inc. (RIOT) closed at $14.95 in the latest trading session, marking a +0.2% move from the prior day. This move outpaced the S&P 500's daily loss of 2.95%. Elsewhere, the Dow lost 2.37%, while the tech-heavy Nasdaq lost 0.33%.

Heading into today, shares of the company had lost 9.96% over the past month, lagging the Business Services sector's loss of 8.68% and the S&P 500's loss of 3.75% in that time.

Riot Blockchain, Inc. will be looking to display strength as it nears its next earnings release. On that day, Riot Blockchain, Inc. is projected to report earnings of $0.12 per share, which would represent a year-over-year decline of 25%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $91.18 million, up 1623.67% from the year-ago period.

Any recent changes to analyst estimates for Riot Blockchain, Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 16.07% lower. Riot Blockchain, Inc. currently has a Zacks Rank of #5 (Strong Sell).

Investors should also note Riot Blockchain, Inc.'s current valuation metrics, including its Forward P/E ratio of 24.16. Its industry sports an average Forward P/E of 22.06, so we one might conclude that Riot Blockchain, Inc. is trading at a premium comparatively.

The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 183, which puts it in the bottom 28% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.