Zacks Investment Research Upgrades Riot Blockchain (RIOT) to Hold
Riot Blockchain (NASDAQ:RIOT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Saturday.
According to Zacks, “Riot Blockchain, Inc. leverages its expertise and network to build and support blockchain technology companies. It is establishing an Advisory Board with technical experience intending to become a leading authority and supporter of blockchain, while providing investment exposure to the rapidly growing blockchain ecosystem. Riot Blockchain, Inc., formerly known as Bioptix, Inc., is based in CASTLE ROCK, United States. “
Separately, HC Wainwright set a $10.00 price target on Riot Blockchain and gave the stock a “buy” rating in a research report on Wednesday, July 25th.
Riot Blockchain (NASDAQ:RIOT) last issued its quarterly earnings data on Tuesday, August 14th. The technology company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.54). The business had revenue of $2.79 million during the quarter, compared to the consensus estimate of $4.30 million. Riot Blockchain had a negative return on equity of 92.73% and a negative net margin of 1,383.44%. On average, analysts forecast that Riot Blockchain will post -1.83 EPS for the current fiscal year.
An institutional investor recently raised its position in Riot Blockchain stock. BlackRock Inc. raised its holdings in shares of Riot Blockchain Inc (NASDAQ:RIOT) by 132.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 370,794 shares of the technology company’s stock after purchasing an additional 211,344 shares during the period. BlackRock Inc. owned 2.64% of Riot Blockchain worth $1,354,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 12.57% of the company’s stock.
Riot Blockchain Company Profile
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.
Further Reading: Price to Earnings Ratio (PE) Basics
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