Tron (NASDAQ:TRON) Shares Gap Down - Here's Why

Key Points

• Tron shares opened lower at $1.36 versus a prior close of $1.4050, most recently trading at $1.3950 on volume of 74,273 shares.
• Analyst sentiment remains negative: Weiss Ratings maintained a “sell” classification, Wall Street Zen downgraded the stock to “sell,” and the consensus rating is “Sell.”
• Tron reported quarterly EPS of $0.01 on revenue of $1.57 million, while institutional investors own 28.03% of the company; BlackRock was among the institutions taking a new position.

Tron Inc. (NASDAQ:TRON - Get Free Report)'s stock price gapped down before the market opened on Wednesday. The stock had previously closed at $1.4050, but opened at $1.36. Tron shares last traded at $1.3950, with a volume of 74,273 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TRON. Weiss Ratings raised shares of Tron from a "sell (d-)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. Wall Street Zen cut Tron from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, Tron has a consensus rating of "Sell".

Tron Stock Performance

The firm's fifty day simple moving average is $1.50 and its 200 day simple moving average is $1.68. The stock has a market capitalization of $728.18 million, a P/E ratio of -13.86 and a beta of 8.69.

Tron (NASDAQ:TRON - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter. The firm had revenue of $1.57 million for the quarter.

Institutional Trading of Tron

A number of hedge funds and other institutional investors have recently modified their holdings of TRON. BlackRock Inc. acquired a new position in Tron in the 2nd quarter worth about $5,319,000. Bank of New York Mellon Corp bought a new stake in shares of Tron in the 2nd quarter valued at about $277,000. Bank of America Corp DE grew its position in shares of Tron by 180.7% in the 1st quarter. Bank of America Corp DE now owns 118,068 shares of the company's stock valued at $268,000 after buying an additional 76,011 shares during the last quarter. Deutsche Bank AG acquired a new stake in shares of Tron in the second quarter valued at about $79,000. Finally, Leonteq Securities AG acquired a new stake in shares of Tron in the first quarter valued at about $91,000. Institutional investors own 28.03% of the company's stock.

Tron Company Profile

Tron, Inc NASDAQ: TRON is a digital asset treasury company focused on acquiring, holding and managing TRON (TRX), the native cryptocurrency of the TRON blockchain. The company's strategy centers on providing public-market exposure to TRX while supporting activities related to the broader TRON ecosystem.

TRON is a blockchain platform designed to support decentralized applications, digital content distribution and cryptocurrency transactions. The network uses TRX for payments, governance and participation in its ecosystem, which includes developers, users and digital-content providers around the world.

Tron, Inc previously operated as SRM Entertainment, Inc, a company that developed and distributed consumer products and entertainment-related merchandise for theme parks and other venues.

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