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

Tron Inc. (NASDAQ:TRON) shares 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 changing hands.

Analyst Upgrades and Downgrades

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

Tron Trading Up 1.8%

The business has a 50 day moving average of $1.59 and a 200-day moving average of $1.82. The stock has a market cap of $680.74 million, a PE ratio of -13.05 and a beta of 8.56.

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

Hedge Funds Weigh In On Tron

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Tron during the second quarter worth about $5,319,000. Bank of New York Mellon Corp acquired a new position in Tron during the second quarter worth $277,000. Bank of America Corp DE boosted 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 worth $268,000 after buying an additional 76,011 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Tron in the first quarter valued at about $91,000. Finally, Deutsche Bank AG acquired a new stake in Tron during the 2nd quarter valued at $79,000. Hedge funds and other institutional investors own 28.03% of the company’s stock.

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.