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Strength Seen in Riot Platforms, Inc. (RIOT): Can Its 5.6% Jump Turn into More Strength?
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Riot Platforms, Inc. (RIOT - Free Report) shares rallied 5.6% in the last trading session to close at $8.10. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 10.9% gain over the past four weeks.
The stock recorded price increase in response to the increase in price of Bitcoin, the world's largest cryptocurrency, over the past week.
This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of -371.4%. Revenues are expected to be $76.31 million, down 4.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Riot Platforms, Inc., the consensus EPS estimate for the quarter has been revised 42.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on RIOT going forward to see if this recent jump can turn into more strength down the road.
Riot Platforms, Inc. is part of the Zacks Technology Services industry. Thomson Reuters (TRI - Free Report) , another stock in the same industry, closed the last trading session 0.4% higher at $124.33. TRI has returned 0% in the past month.
For Thomson Reuters, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.78. This represents a change of +18.2% from what the company reported a year ago. Thomson Reuters currently has a Zacks Rank of #2 (Buy).
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Strength Seen in Riot Platforms, Inc. (RIOT): Can Its 5.6% Jump Turn into More Strength?
Riot Platforms, Inc. (RIOT - Free Report) shares rallied 5.6% in the last trading session to close at $8.10. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 10.9% gain over the past four weeks.
The stock recorded price increase in response to the increase in price of Bitcoin, the world's largest cryptocurrency, over the past week.
This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of -371.4%. Revenues are expected to be $76.31 million, down 4.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Riot Platforms, Inc., the consensus EPS estimate for the quarter has been revised 42.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on RIOT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Riot Platforms, Inc. is part of the Zacks Technology Services industry. Thomson Reuters (TRI - Free Report) , another stock in the same industry, closed the last trading session 0.4% higher at $124.33. TRI has returned 0% in the past month.
For Thomson Reuters, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.78. This represents a change of +18.2% from what the company reported a year ago. Thomson Reuters currently has a Zacks Rank of #2 (Buy).