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Saturday, September 30, 2023

Is the Rough Ride Over for Riot Blockchain Inc. (RIOT)

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Riot Blockchain Inc. (RIOT) shares are trading at higher $9.66, while the current analyst price target stands at $7.50.

To add more color to this target, the company’s high over the last year is $9.09 and the low is $0.51. Over the last 52 weeks, RIOT is up 648.84% while the S&P 500 is up 17.73%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, RIOT reported a profit of $1.16 million. Riot Blockchain Inc. also saw revenues increase to $2.46 million. In addition, RIOT has free cash flow of -$15.09 million as of 09-2020. The company’s EBITDA came in at -$1.15 million which compares well with its peers.

RIOT Return on Equity (ROE) is -54.00%, and its Return on Assets is -50.00%. All told, it is clear that, RIOT needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. RIOT has a short ratio of 0.90 and outstanding shares of 50.93M.

Company Outlook

RIOT has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 26.9 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -0.63. Riot Blockchain Inc. RIOT also noted assets of $62.63 million at the end of the last quarter. Investors should also keep an eye on sector updates as RIOT has historically followed its peers on positive news.

All told, Riot Blockchain Inc. RIOT has strung together solid data and demonstrated underlying fundamentals. At its current valuation, RIOT represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Riot Blockchain Inc. RIOT is now commanding a market cap of 557.38M and a float of 49.04M. RIOT is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of RIOT stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in RIOT, either long or short, and we have not been compensated for this article.

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