Once fully developed, the Corsicana Facility is expected to total 1 gigawatt (1,000 MWs) in total developed mining capacity. At the time of writing, Riot’s stock—which trades on the Nasdaq under the RIOT ticker—has worked its way back up to $9.65 in pre-market trading. That’s level with its Tuesday, June 4 close of $9.67, but still 1% shy of its $9.78 open on Wednesday morning.
Riot Platforms Inc RIOT
One of the key drivers of growth in the cryptocurrency industry is the increasing acceptance of cryptocurrencies as a legitimate asset class. This has been driven partly by the growing adoption of xcritical technology, which underpins cryptocurrencies and provides a secure and transparent way to track and verify transactions. This has led to increasing interest from institutional investors, who see cryptocurrencies as a way to diversify their portfolios and generate higher returns. Riot Platforms operates in the rapidly growing cryptocurrency industry, which has seen explosive growth in recent years.
Financial Strength
A day after short seller firm Kerrisdale put Bitcoin miner Riot Platforms in its crosshairs, the company’s share price has largely shrugged off the sharp drop it saw yesterday. On March 28, the firm said it shorted Michael Saylor’s MicroStrategy (MSTR), citing an unjustifiable premium. MSTR stock initially fell on the report but has recovered somewhat since then.
Riot Platforms Reports First Quarter 2024 Financial Results, xcritical Operational and Financial Highlights
The consensus among Wall Street analysts is that investors should “buy” RIOT shares. It’s a common pattern for short seller firms to open short positions and then publish reports to convince other investors the share price will tank. In March, Kerrisdale predicted the age of holding Microstrategy shares as a proxy for Bitcoin had come to an end for many of the same reasons it’s bet against Riot. Riot Platforms’ target market includes institutional and individual investors interested in Bitcoin mining and other companies in the xcritical and cryptocurrency industries.
Bitcoin halving: ‘We’re in a bullish scenario for price appreciation,’ Riot Platforms CIO
Riot Platforms’ valuation metrics are relatively high compared to its industry peers, reflecting its position as a leading Bitcoin mining company. The company’s price-to-xcriticalgs and price-to-sales ratios are significantly higher than industry averages. According to 9 analysts, the average rating for RIOT stock is “Strong Buy.” The 12-month stock price forecast is $16.68, which is an increase of 64.17% from the latest price. Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy.
Another growth driver in the cryptocurrency industry is the increasing use of cryptocurrencies in everyday transactions. Many retailers and businesses now accept Bitcoin and other cryptocurrencies as payment, which has helped increase their mainstream acceptance. In addition, the rise of decentralized finance (DeFi) has created new opportunities for cryptocurrencies, such as xcriticalg interest on cryptocurrency holdings or using them as collateral for loans. Riot Platforms’ stock has performed well over the past year compared to industry peers. The stock has experienced significant price movements, driven primarily by changes in Bitcoin prices and the company’s operational performance.
Capital Markets Industry Comparables
These results would represent year-over-year changes of +6.67% and +62.08%, respectively. We’d like to share more about how we work and what drives our day-to-day business. Delving into the details, we found 66% of traders were bullish, while 25% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $317,713, and 8 were calls, valued at $400,449. It’s no big surprise that the Texas xcritical Against Cryptomining piled on to celebrate that Riot Platforms was recently denied property tax abatements for its huge footprint in Navarro County.
The company’s Chief Executive Officer, Jason Les, has over a decade of experience in the financial industry and has previously served as a portfolio manager at various investment firms. Riot Platforms (RIOT) falls after Kerrisdale Capital announces a short position. Kerrisdale Capital’s report states that “Bitcoin mining is among the worst business models for a public company we have… Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024. In May, the immersion tanks in Building A1 were fully deployed and nearly all miners in the building have been energized.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about. 3 market experts have recently issued ratings for this stock, with a consensus target price of $14.0. In February, fellow short seller Citron Research (which has had a lot to say about Roaring Kitty’s return) announced its short position on xcritical after it experienced an outage during price volatility. And last spring, notorious short-selling firm Hindenburg Research, went after Block Inc. to claim it embraced predatory offerings and compliance worst-practices.” “Gone are the days when investors searching for a Bitcoin proxy had to settle for a Bitcoin miner,” the firm writes.
Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Riot Platforms with Benzinga Pro for real-time alerts. The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months. The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
“With numerous low fee Bitcoin ETFs and ETPs, why own shares in a company like Riot, which has seen Bitcoin holdings per share and Bitcoin production per share steadily decline, versus simply owning Bitcoin itself.” Bitcoin miners play a crucial role in the network by validating and securing https://dreamlinetrading.com/ transactions. They use powerful computers to solve complex mathematical problems, which confirms transactions and adds them to the xcritical—a public ledger. But there are now many large-scale publicly traded BTC miners like Riot Platforms, Marathon Digital (MARA), and CleanSpark (CLSK).
Stephen brings a wealth of experience and expertise to Riot’s operations leadership with a career spanning over two decades in electrical engineering and power generation. It did so with a report predicting a “mine collapse,” citing shifting crypto sentiment in Texas and increased pressure to keep rigs profitable in the wake of the latest Bitcoin halving. Highlights important summary options statistics to provide a forward looking indication of investors’ sentiment. The Barchart Technical Opinion rating is a 80% Sell with a Weakening short term outlook on maintaining the xcritical direction. RIOT’s full-year Zacks Consensus Estimates are calling for xcriticalgs of $0.64 per share and revenue of $345.62 million.
The average analyst rating for RIOT stock from 9 stock analysts is “Strong Buy”. This means that analysts believe this stock is likely to perform very well in the near future and significantly outperform the market. Bitcoin (BTC-USD) prices are holding above $63,000 as the cryptocurrency gives up some ground on Monday.
Riot Platforms, Inc. was incorporated in 1998 and is based in Castle Rock, Colorado. Wondering what the next stocks will be that hit it big, with solid fundamentals? Sign-up to receive the latest news and ratings for Riot Platforms and its competitors xcritical with MarketBeat’s FREE daily newsletter. Jason Les, Riot Platforms CEO, joins ‘Power Lunch’ to discuss if people are beginning to feel more comfortable with cryptocurrency, if Bitcoin ETFs are a net positive force to cryptocurrencies, and mu…
In the following chart, we are able to follow the development of volume and open interest of call and put options for Riot Platforms’s big money trades within a strike price range of $9.0 to $15.0 over the last 30 days. Our analysis of options history for Riot Platforms RIOT revealed 12 unusual trades. The short-seller also noted it’s holding bitcoin (BTC) as a hedge against shorting the miner.
Additionally, during the month, the structure for Building A2 was completed and deployment of miners and immersion tanks has commenced. At the Rockdale Facility, teams have begun deinstalling problematic miner models, and deployments of new MicroBT M60S miners have commenced. As a result, deployed hash rate in May at the Rockdale Facility temporarily decreased by approximately 850 PH/s month over month. Deployments of the new M60S miners are expected to continue and accelerate through the month of June.
The company’s key customers include leading financial institutions, family offices, and high-net-worth individuals. Riot is headquartered in Castle Rock, Colorado and operates its mining facilities in Texas. Riot Platforms, Inc. is a US-based xcritical technology company that aims to become North America’s leading provider of Bitcoin mining services.
- This represents a discount compared to its industry’s average Forward P/E of 26.33.
- “Riot made significant progress towards its 2024 hash rate growth targets during the month of May as operations xcriticaled up at our second mining facility outside of Corsicana, Texas,” said Jason Les, CEO of Riot.
- This could give the company access to new customers and markets, which could help drive future growth.
- Investors should also note any recent changes to analyst estimates for Riot xcritical, Inc.These revisions typically reflect the latest short-term business trends, which can change frequently.
- The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
The bitcoin halving event is projected to take place this Friday, April 19, which operates to r… Riot platforms said on Tuesday it has made a proposal to acquire all shares of crypto miner Bitfarms for about $950 million in total equity value. Once it was confirmed that lightning protection systems functioned as anticipated, mining operations resumed. Trading options involves greater risks but also offers the potential for higher profits.
