We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Riot Platforms, Inc. (RIOT) Soars 17.0%: Is Further Upside Left in the Stock?
Read MoreHide Full Article
Riot Platforms, Inc. (RIOT - Free Report) shares ended the last trading session 17% higher at $12.38. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 69.3% 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 weekend. The share seemed to have benefited from Bitcoin crossing $30,000 mark for the first time since Jun 2022.
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 $76.97 million, down 3.5% 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 9.8% 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 a member of the Zacks Technology Services industry. One other stock in the same industry, Procore Technologies (PCOR - Free Report) , finished the last trading session 0.3% lower at $55.47. PCOR has returned -6.2% over the past month.
Procore Technologies' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. Compared to the company's year-ago EPS, this represents a change of +13.3%. Procore Technologies currently boasts a Zacks Rank of #4 (Sell).
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Riot Platforms, Inc. (RIOT) Soars 17.0%: Is Further Upside Left in the Stock?
Riot Platforms, Inc. (RIOT - Free Report) shares ended the last trading session 17% higher at $12.38. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 69.3% 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 weekend. The share seemed to have benefited from Bitcoin crossing $30,000 mark for the first time since Jun 2022.
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 $76.97 million, down 3.5% 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 9.8% 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 a member of the Zacks Technology Services industry. One other stock in the same industry, Procore Technologies (PCOR - Free Report) , finished the last trading session 0.3% lower at $55.47. PCOR has returned -6.2% over the past month.
Procore Technologies' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. Compared to the company's year-ago EPS, this represents a change of +13.3%. Procore Technologies currently boasts a Zacks Rank of #4 (Sell).