Shares of Riot Blockchain Inc (NASDAQ:RIOT) fell 5.4% on Wednesday . The company traded as low as $1.50 and last traded at $1.57, 1,190,655 shares were traded during mid-day trading. A decline of 19% from the average session volume of 1,474,754 shares. The stock had previously closed at $1.66.
A number of research firms have weighed in on RIOT. HC Wainwright reiterated a “buy” rating and issued a $3.50 target price on shares of Riot Blockchain in a research note on Thursday, August 29th. Zacks Investment Research upgraded Riot Blockchain from a “hold” rating to a “buy” rating and set a $2.00 target price on the stock in a research note on Tuesday, September 3rd. Finally, ValuEngine upgraded Riot Blockchain from a “hold” rating to a “buy” rating in a research note on Tuesday, July 2nd.
The business has a 50 day simple moving average of $1.87 and a two-hundred day simple moving average of $2.84. The firm has a market cap of $37.93 million, a PE ratio of -0.92 and a beta of 3.30.
Riot Blockchain (NASDAQ:RIOT) last released its earnings results on Thursday, August 8th. The technology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.19. Riot Blockchain had a negative return on equity of 239.81% and a negative net margin of 404.21%. The business had revenue of $2.47 million for the quarter, compared to analyst estimates of $2.00 million. As a group, analysts predict that Riot Blockchain Inc will post -0.09 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley increased its stake in shares of Riot Blockchain by 111.0% during the second quarter. Morgan Stanley now owns 17,729 shares of the technology company’s stock valued at $55,000 after buying an additional 9,325 shares during the period. Nomura Holdings Inc. purchased a new position in shares of Riot Blockchain during the second quarter valued at $108,000. BlackRock Inc. increased its stake in shares of Riot Blockchain by 14.1% during the second quarter. BlackRock Inc. now owns 420,831 shares of the technology company’s stock valued at $1,321,000 after buying an additional 52,001 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Riot Blockchain by 19.1% during the second quarter. Vanguard Group Inc. now owns 876,877 shares of the technology company’s stock valued at $2,753,000 after buying an additional 140,752 shares during the period. Institutional investors and hedge funds own 9.38% of the company’s stock.
About Riot Blockchain (NASDAQ:RIOT)
Riot Blockchain, Inc focuses on building, supporting, and operating blockchain technologies, primarily through its cryptocurrency mining operations and other developed businesses, as well as joint ventures, acquisitions, and targeted investments in the sector. Its primary focus is on Bitcoin and general blockchain technology.
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