Riot Platforms, Inc. (RIOT) Falls More Steeply Than Broader Market: What Investors Need to Know

Riot Platforms, Inc. (RIOT) closed at $13.38 in the latest trading session, marking a -5.37% move from the prior day. This change lagged the S&P 500's 1.51% loss on the day. At the same time, the Dow lost 0.97%, and the tech-heavy Nasdaq lost 2.01%.

Coming into today, shares of the company had lost 12.82% in the past month. In that same time, the Finance sector lost 6.38%, while the S&P 500 lost 3.63%.

Market participants will be closely following the financial results of Riot Platforms, Inc. in its upcoming release. On that day, Riot Platforms, Inc. is projected to report earnings of -$0.29 per share, which would represent year-over-year growth of 67.78%. Meanwhile, the latest consensus estimate predicts the revenue to be $138.82 million, indicating a 13.98% decrease compared to the same quarter of the previous year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$1.06 per share and a revenue of $627.17 million, indicating changes of +45.64% and -3.13%, respectively, from the former year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Riot Platforms, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 44.03% fall in the Zacks Consensus EPS estimate. Riot Platforms, Inc. currently has a Zacks Rank of #5 (Strong Sell).

The Financial - Miscellaneous Services industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 152, finds itself in the bottom 38% echelons of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow RIOT in the coming trading sessions, be sure to utilize Zacks.com.

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This article originally published on Zacks Investment Research (zacks.com).

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