Riot Blockchain (NASDAQ:RIOT) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Riot Blockchain (NASDAQ:RIOT) from a buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

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 restated a buy rating and issued a $3.50 price target on shares of Riot Blockchain in a research note on Friday, March 27th.

RIOT stock opened at $2.20 on Wednesday. The business has a 50 day moving average price of $2.22 and a two-hundred day moving average price of $1.45. The company has a market cap of $80.48 million, a price-to-earnings ratio of -5.37 and a beta of 2.96. Riot Blockchain has a twelve month low of $0.51 and a twelve month high of $3.31.

Riot Blockchain (NASDAQ:RIOT) last posted its quarterly earnings results on Monday, May 11th. The technology company reported ($0.12) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.19) by $0.07. The firm had revenue of $2.39 million during the quarter, compared to the consensus estimate of $1.20 million. Riot Blockchain had a negative return on equity of 32.39% and a negative net margin of 138.42%. On average, equities analysts forecast that Riot Blockchain will post -0.51 EPS for the current fiscal year.

A hedge fund recently raised its stake in Riot Blockchain stock. BlackRock Inc. lifted its holdings in shares of Riot Blockchain Inc (NASDAQ:RIOT) by 3.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 604,738 shares of the technology company’s stock after buying an additional 18,666 shares during the period. BlackRock Inc. owned about 1.95% of Riot Blockchain worth $503,000 as of its most recent filing with the SEC. 11.14% of the stock is currently owned by institutional investors and hedge funds.

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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