Riot Blockchain Inc (NASDAQ:RIOT)’s share price traded down 7.8% during mid-day trading on Wednesday . The stock traded as low as $5.57 and last traded at $5.71. 559,160 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 1,372,742 shares. The stock had previously closed at $6.19.

Several equities analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Riot Blockchain from a “hold” rating to a “sell” rating in a research note on Thursday, July 12th. HC Wainwright assumed coverage on shares of Riot Blockchain in a research note on Friday, May 11th. They issued a “buy” rating and a $9.00 price objective on the stock.

The company has a market capitalization of $80.14 million, a PE ratio of -2.10 and a beta of 2.50.

Institutional investors have recently added to or reduced their stakes in the company. Equitec Proprietary Markets LLC purchased a new position in shares of Riot Blockchain in the first quarter worth approximately $127,000. Equitec Specialists LLC purchased a new position in shares of Riot Blockchain in the first quarter worth approximately $386,000. Finally, BlackRock Inc. increased its position in shares of Riot Blockchain by 29.1% in the second quarter. BlackRock Inc. now owns 159,450 shares of the technology company’s stock worth $1,011,000 after acquiring an additional 35,954 shares in the last quarter. 13.42% of the stock is currently owned by institutional investors and hedge funds.

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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