The stock of Riot Blockchain, Inc. (NASDAQ:RIOT) is now priced at $2.77 and the shares are 0.13 points up or 4.92% higher compared to its previous closing price of $2.64. RIOT shares have a float of 32.88 million and although its performance was 20.43% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the RIOT share price recently placing at $2.66 to $3.2. However, some brokerage firms have priced the stock below the average, including one that has called $3.5.
The shorts are running away from the Riot Blockchain, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the RIOT shares have declined. Short interest in the stock represents just 19.62% of its float, but the volume has dropped by -683777. The volume of shorted shares dropped to 6.452 million from 7.136 million shares over the last two weeks. The average intraday trading volume has been 3.486 million shares, which means that days to cover moved to roughly 1.850668.
In the last trading session, Riot Blockchain, Inc. (NASDAQ:RIOT) raised by $0.47 over the week and gained $0.63 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.31. The stock recorded its established 52-week high on 06/10/20.
Since 03/18/20, the stock has traded to a low of $0.51 at 442.07%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 3.1. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Riot Blockchain, Inc.’s two-week RSI is 64.52. This suggests that the stock is neutral at the moment and that RIOT shares’ price movement remains stable. The stochastic readings are equally revealing at 49.59% meaning the RIOT share price is currently in neutral territory.
The technical chart shows that the RIOT stock will likely settle at between $3.09 and $3.42 per share. However, if the stock dips below $2.55, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.34.
Currently, the stock is trading in the green of MACD, with a reading of 0.18. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
The average rating for the RIOT equity is 2 and is currently gathering a bullish momentum. Of 1 analysts tracking Riot Blockchain, Inc. polled by Reuters, 0 rated RIOT as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.