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

Riot Blockchain, Inc. (RIOT) closed at $19.59 in the latest trading session, marking a -0.71% move from the prior day. This change lagged the S&P 500's 0.09% gain on the day. At the same time, the Dow lost 0.16%, and the tech-heavy Nasdaq lost 0.52%.

Heading into today, shares of the company had gained 5.51% over the past month, outpacing the Business Services sector's loss of 3.75% and the S&P 500's loss of 4.02% in that time.

Wall Street will be looking for positivity from Riot Blockchain, Inc. as it approaches its next earnings report date. In that report, analysts expect Riot Blockchain, Inc. to post earnings of $0.12 per share. This would mark 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.

Investors should also note any recent changes to analyst estimates for Riot Blockchain, Inc.These revisions typically reflect the latest short-term business trends, which can change frequently. 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. The Zacks Consensus EPS estimate has moved 9.47% higher within the past month. Riot Blockchain, Inc. is currently a Zacks Rank #5 (Strong Sell).

Investors should also note Riot Blockchain, Inc.'s current valuation metrics, including its Forward P/E ratio of 31.95. For comparison, its industry has an average Forward P/E of 22.64, which means Riot Blockchain, Inc. is trading at a premium to the group.

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 158, putting it in the bottom 38% of all 250+ industries.

The Zacks Industry Rank gauges 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 top 50% rated industries outperform the bottom half by a factor of 2 to 1.