Riot Blockchain Inc (NASDAQ:RIOT) Given Average Recommendation of “Strong Buy” by Brokerages

Riot Blockchain Inc (NASDAQ:RIOT) has received an average broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy recommendation.

Analysts have set a one year consensus target price of $3.50 for the company and are expecting that the company will post ($0.11) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Riot Blockchain an industry rank of 83 out of 256 based on the ratings given to its competitors.

A number of research firms have weighed in on RIOT. ValuEngine upgraded shares of Riot Blockchain from a “hold” rating to a “buy” rating in a research report on Tuesday, July 2nd. Zacks Investment Research upgraded shares of Riot Blockchain from a “hold” rating to a “buy” rating and set a $2.00 price objective for the company in a research report on Tuesday, September 3rd. Finally, HC Wainwright restated a “buy” rating and set a $3.50 price objective on shares of Riot Blockchain in a research report on Thursday, August 29th.

NASDAQ RIOT traded down $0.10 during mid-day trading on Friday, reaching $1.99. 27,894 shares of the stock were exchanged, compared to its average volume of 655,315. The business’s 50 day moving average is $2.02 and its 200-day moving average is $3.15. Riot Blockchain has a 1 year low of $1.29 and a 1 year high of $6.14. The company has a market capitalization of $33.83 million, a P/E ratio of -1.17 and a beta of 3.29.

Riot Blockchain (NASDAQ:RIOT) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.19. Riot Blockchain had a negative net margin of 404.21% and a negative return on equity of 239.81%. The firm had revenue of $2.47 million for the quarter, compared to the consensus estimate of $2.00 million. Equities analysts forecast that Riot Blockchain will post -0.86 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Riot Blockchain by 19.1% during the 2nd quarter. Vanguard Group Inc. now owns 876,877 shares of the technology company’s stock worth $2,753,000 after purchasing an additional 140,752 shares in the last quarter. BlackRock Inc. boosted its position in shares of Riot Blockchain by 14.1% during the 2nd quarter. BlackRock Inc. now owns 420,831 shares of the technology company’s stock worth $1,321,000 after purchasing an additional 52,001 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Riot Blockchain by 18.7% during the 4th quarter. Geode Capital Management LLC now owns 100,635 shares of the technology company’s stock worth $151,000 after purchasing an additional 15,873 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Riot Blockchain by 4,404,000.0% during the 4th quarter. Deutsche Bank AG now owns 44,041 shares of the technology company’s stock worth $66,000 after purchasing an additional 44,040 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in shares of Riot Blockchain during the 2nd quarter worth $108,000. Institutional investors own 14.42% of the company’s stock.

About Riot Blockchain

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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