An interesting stock that came up in some of our conversations today is Riot Blockchain, Inc. (NASDAQ:RIOT). At current price of $4.33, the shares have already added 0.1 points (2.36% higher) from its previous close of $4.23. Should you buy or avoid them? The stock sets an active trading volume day with a reported 766727 contracts so far this session. RIOT shares had a relatively better volume day versus average trading capacity of 2.37 million shares, but with a 13.27 million float and a 0.95% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for RIOT stock indicates that the average analyst price target is $5 per share. This means the stock has a potential increase of 15.47% from where the RIOT share price has been trading recently which is between $4.03 and $4.85. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $5.
The shorts are running away from Riot Blockchain, Inc. (RIOT) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in RIOT shares. While short interest still represents only 31.07% of RIOT’s float, the number of shares shorted have fallen by -132104. The number of shares shorted fell to 3990992 shares, down from 4123096 shares during the preceding fortnight. With average daily trading volumes at 1799815 shares, days to cover increased to about 1.336004 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “2 Crypto Stocks Sitting Out the Sell-Off” and dated May 13, 2019.
During the recent trading session for Riot Blockchain, Inc. (NASDAQ:RIOT), the company witnessed their stock rise $0.27 over a week and tumble down $-0.57 from the price 20 days ago. When compared to their established 52-week high of $9.75, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/17/18. The recent low of $1.29 stood for a -55.59% since 12/26/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 3.77 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Riot Blockchain, Inc., the two-week RSI stands at 47.21. This figure suggests that RIOT stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current RIOT readings is similarly very revealing as it has a stochastic reading of 34.58% at this stage. This figure means that RIOT share price today is being neutral.
Technical chart claims that Riot Blockchain, Inc. (RIOT) would settle between $4.71/share to $5.19/share level. However, if the stock price goes below the $3.89 mark, then the market for Riot Blockchain, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $3.55 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.09. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
RIOT equity has an average rating of 2, with the figure leaning towards a bullish end. 1 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated Riot Blockchain, Inc. (NASDAQ:RIOT) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, RIOT stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 4249.63 while for the average stock in the same group, the multiple is 49.5.