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Riot Platforms, Inc. (RIOT) Moves 16.0% Higher: Will This Strength Last?
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Riot Platforms, Inc. (RIOT - Free Report) shares soared 16% in the last trading session to close at $11.85. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.7% loss over the past four weeks.
The stock recorded a price hike in response to the increase in the price of Bitcoin, following the ‘halving’ and the launch of Runes.
This company is expected to post quarterly loss of $0.21 per share in its upcoming report, which represents a year-over-year change of -625%. Revenues are expected to be $93.01 million, up 27% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Riot Platforms, Inc., the consensus EPS estimate for the quarter has been revised 3.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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. V2X (VVX - Free Report) , another stock in the same industry, closed the last trading session 3.7% higher at $50.33. VVX has returned 9.6% in the past month.
V2X's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.75. Compared to the company's year-ago EPS, this represents a change of -6.3%. V2X currently boasts a Zacks Rank of #3 (Hold).
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Riot Platforms, Inc. (RIOT) Moves 16.0% Higher: Will This Strength Last?
Riot Platforms, Inc. (RIOT - Free Report) shares soared 16% in the last trading session to close at $11.85. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.7% loss over the past four weeks.
The stock recorded a price hike in response to the increase in the price of Bitcoin, following the ‘halving’ and the launch of Runes.
This company is expected to post quarterly loss of $0.21 per share in its upcoming report, which represents a year-over-year change of -625%. Revenues are expected to be $93.01 million, up 27% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Riot Platforms, Inc., the consensus EPS estimate for the quarter has been revised 3.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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. V2X (VVX - Free Report) , another stock in the same industry, closed the last trading session 3.7% higher at $50.33. VVX has returned 9.6% in the past month.
V2X's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.75. Compared to the company's year-ago EPS, this represents a change of -6.3%. V2X currently boasts a Zacks Rank of #3 (Hold).