Why Crypto Miner Riot Blockchain Plunged 16.5% Today
In this bull market, any earnings report that doesn't deliver a significant earnings beat accompanied by a guidance raise is being viewed negatively by investors. On Monday, investors bid up shares of Riot Blockchain (NASDAQ: RIOT) in anticipation of an optimistic scenario. However, the third-quarter results it released after the market close left much to be desired. Accordingly, on Tuesday, Riot Blockchain stock dropped by as much as 16.5% in morning trading.
The cryptocurrency miner's shares have since recovered some ground, but as of 12:46 p.m. ET, they were still off by 9.7%.
Investors who have been bullish about this sector appear to be scratching their heads. After Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) both hit all-time highs in recent weeks, folks would certainly have had reason to expect Riot to come through with a blowout report.
Source Fool.com
