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Is Riot Blockchain (RIOT) Outperforming Other Business Services Stocks This Year?

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Zacks Equity Research
·2 min read
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Investors focused on the Business Services space have likely heard of Riot Blockchain (RIOT), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of RIOT and the rest of the Business Services group's stocks.

Riot Blockchain is one of 213 companies in the Business Services group. The Business Services group currently sits at #12 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. RIOT is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for RIOT's full-year earnings has moved 369.23% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the latest available data, RIOT has gained about 115.18% so far this year. At the same time, Business Services stocks have gained an average of 1.97%. This shows that Riot Blockchain is outperforming its peers so far this year.

Looking more specifically, RIOT belongs to the Technology Services industry, which includes 82 individual stocks and currently sits at #197 in the Zacks Industry Rank. On average, this group has gained an average of 18.89% so far this year, meaning that RIOT is performing better in terms of year-to-date returns.

Going forward, investors interested in Business Services stocks should continue to pay close attention to RIOT as it looks to continue its solid performance.


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