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

Riot Blockchain, Inc. (RIOT) closed at $16.22 in the latest trading session, marking a -0.18% move from the prior day. This move lagged the S&P 500's daily gain of 2.24%. Elsewhere, the Dow gained 2.51%, while the tech-heavy Nasdaq lost 0.2%.

Prior to today's trading, shares of the company had gained 20.82% over the past month. This has outpaced the Business Services sector's loss of 3.35% and the S&P 500's loss of 2.58% in that time.

Investors will be hoping for strength from Riot Blockchain, Inc. as it approaches its next earnings release. The company is expected to report EPS of $0.12, down 25% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $91.18 million, up 1623.67% from the year-ago period.

It is also important to note the recent changes to analyst estimates for Riot Blockchain, Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

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. is holding a Zacks Rank of #5 (Strong Sell) right now.

Digging into valuation, Riot Blockchain, Inc. currently has a Forward P/E ratio of 26.32. This represents a premium compared to its industry's average Forward P/E of 22.47.

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 169, putting it in the bottom 34% of all 250+ industries.