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

·2-min read

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? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question.

Riot Blockchain is a member of the Business Services sector. This group includes 276 individual stocks and currently holds a Zacks Sector Rank of #4. 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. RIOT is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for RIOT's full-year earnings has moved 66.45% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

According to our latest data, RIOT has moved about 75.40% on a year-to-date basis. At the same time, Business Services stocks have lost an average of 19.91%. This shows that Riot Blockchain is outperforming its peers so far this year.

To break things down more, RIOT belongs to the Technology Services industry, a group that includes 133 individual companies and currently sits at #156 in the Zacks Industry Rank. On average, this group has lost an average of 24.02% so far this year, meaning that RIOT is performing better in terms of year-to-date returns.

RIOT will likely be looking to continue its solid performance, so investors interested in Business Services stocks should continue to pay close attention to the company.


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