Today's Research Reports on Stocks to Watch: Square, Inc. and Riot Blockchain
NEW YORK, NY / ACCESSWIRE / November 27, 2017 / Bitcoin has been rampaging this year and hit over $8,000 last week and now over $9,000 this past Sunday according to TechCrunch. Shares of Square and Riot Blockchain hit new highs this past Friday as both are treading into the bitcoin industry.
RDI Initiates Coverage on:
Square, Inc.
https://rdinvesting.com/news/?ticker=SQ
Riot Blockchain, Inc.
https://rdinvesting.com/news/?ticker=RIOT
Square, Inc. shares closed up a modest 0.10% on Friday on nearly 16.6 million shares traded. The stock hit a new high of $49.56 during intra-day trading. It's been several weeks of promise for the payment processor, which released strong earnings, a new point of sale system, and announced that it would be allowing some users to buy and sell Bitcoin. The company is also teaming up with GoDaddy to try to offer omnichannel payment solutions to small business websites. Shares of the stock are up 230% this year so far. In the last month shares have seen a 40% increase. Despite the gains and all of the developments, Wells Fargo analyst Timothy Willi is proceeding with caution and has stated, "Investors should not interpret our Market Perform rating as a reflection of business fundamentals, but rather, our realistic expectation for near-term share price performance. Given exceptionally strong year-to-date performance, and after evaluating a number of different valuation metrics, we believe Square's upside potential is limited over the next 12-18 months." The firm has a "market perform" rating on the stock with a $42 price target.
Access RDI's Square, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=SQ
Riot Blockchain, Inc. shares skyrocketed on Friday, closing the day up 47.59% on tremendous volume compared to usual. There were nearly 19.2 million shares traded compared to an average of just under 2.5 million shares. The stock also hit a brand new high of $24. Formerly known as a biotech stock, the company's former CEO Michael Beeghley told Bloomberg last month that it has "decided to change its focus" to "participate in the fast growing bitcoin industry. The company has said the industry is "like the beginning of the internet." The company also said last month that it plans to be "a strategic investor and operator in the blockchain ecosystem with a particular focus on the Bitcoin and Ethereum blockchains." The stock traded around $8 the previous Friday and saw gains of nearly 200% last week. It was last week that JPMorgan Chase & Co. Goldman Sachs, Citigroup, and other large banks finished a six month test of blockchain technologies that saw a 100% success rate. Bitcoin share prices also hit over $8,000 for the first time last week.
Access RDI's Riot Blockchain, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=RIOT
Our Actionable Research on Square, Inc. (NYSE: SQ) and Riot Blockchain, Inc. (NASDAQ: RIOT) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
