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

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In the latest trading session, Riot Blockchain, Inc. (RIOT - Free Report) closed at $63.43, marking a +0.99% move from the previous day. This change outpaced the S&P 500's 0.65% gain on the day. Meanwhile, the Dow gained 0.53%, and the Nasdaq, a tech-heavy index, added 1.05%.

Prior to today's trading, shares of the company had gained 45.76% over the past month. This has outpaced the Business Services sector's gain of 2.55% and the S&P 500's gain of 0.36% in that time.

Investors will be hoping for strength from RIOT as it approaches its next earnings release. In that report, analysts expect RIOT to post earnings of -$0.08 per share. This would mark year-over-year growth of 20%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.6 million, up 200% from the year-ago period.

Any recent changes to analyst estimates for RIOT should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. RIOT is currently a Zacks Rank #2 (Buy).

Looking at its valuation, RIOT is holding a Forward P/E ratio of 89.73. This represents a premium compared to its industry's average Forward P/E of 35.19.

The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 204, which puts it in the bottom 20% 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.

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