Tron (NASDAQ:TRON) Shares Gap Up – Here’s What Happened

Tron Inc. (NASDAQ:TRON)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $1.41, but opened at $1.46. Tron shares last traded at $1.4550, with a volume of 86,823 shares traded.

Analyst Ratings Changes

Several research analysts recently weighed in on TRON shares. Wall Street Zen lowered Tron from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Weiss Ratings raised Tron from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Tron Stock Performance

The stock has a market cap of $678.36 million, a P/E ratio of -13.00 and a beta of 8.56. The firm’s fifty day moving average is $1.59 and its 200 day moving average is $1.82.

Tron (NASDAQ:TRON) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter. The company had revenue of $1.57 million during the quarter. Tron had a net margin of 135.58% and a negative return on equity of 5.60%.

Hedge Funds Weigh In On Tron

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new stake in shares of Tron in the 2nd quarter worth approximately $97,000. BlackRock Inc. acquired a new stake in shares of Tron during the 2nd quarter valued at about $5,319,000. Deutsche Bank AG acquired a new stake in shares of Tron during the 2nd quarter valued at about $79,000. Bank of New York Mellon Corp acquired a new stake in shares of Tron during the 2nd quarter valued at about $277,000. Finally, CTC Alternative Strategies Ltd. bought a new stake in Tron in the first quarter valued at $27,000. 28.03% of the stock is currently owned by institutional investors.

About Tron

Tron Inc (NASDAQ: TRON) is a digital asset-focused company associated with the TRON blockchain ecosystem. Its activities center on building a corporate treasury of TRX, the native cryptocurrency of the TRON network, and supporting initiatives related to blockchain technology and digital assets.

The company was formerly known as SRM Entertainment, Inc, a business that developed, manufactured and distributed licensed merchandise and souvenirs for entertainment venues and attractions. Following its strategic shift toward digital assets, the company adopted the Tron Inc name and the TRON stock symbol.

Tron Inc is associated with Justin Sun, the founder of the TRON blockchain, who has played a prominent role in the company’s digital asset strategy.