Buy
Riot Blockchain (RIOT) stock is currently trading at $20.19, showing a decline of 3.70% in the last 24 hours. The stock opened at $20.75 and dropped to a low of $19.41. Trading volume of $16,013,425.15 suggests significant selling pressure.
Riot Platforms Inc is a vertically integrated digital infrastructure company principally engaged in developing and optimizing its large-scale power assets. The Company's business centers on enhancing its electrical infrastructure and deploying it across two complementary platforms: (i) Bitcoin Mining and (ii) scalable data center solutions designed to support non-mining workloads. The company's segments include Bitcoin Mining and Engineering. The Bitcoin Mining segment generates revenue from the Bitcoin the Company earns through its Bitcoin Mining activities. The Engineering segment generates revenue through customer contracts for custom engineered electrical products. It generates the majority of its revenue from the Bitcoin Mining segment.
Blockchain technologies are developed, run, and supported by Riot Platforms Inc (Riot Platforms), formerly known as Riot Blockchain Inc. The company focuses on creating blockchain and cryptocurrency ecosystems. Its principal activities include creating exchange and mining pool systems and cryptocurrency mining.
The Whinstone Facility offers crucial mining infrastructure for clients on an institutional scale. The business operates a bitcoin cash and mining facility in Oklahoma City. It uses Bitmain-produced miners that use ASIC chips for application-specific integrated circuitry. Castle Rock, Colorado, in the U.S., serves as the headquarters of Riot Platforms.
Riot Blockchain operates internal businesses, mines bitcoins, and invests in DeFi startups. Its noteworthy investments include Tesspay, Verady, and Coinsquare. According to Riot Blockchain’s first quarter 2019 financial report submitted to the SEC, the business continued to lose money, but at a slower rate than in the same quarter last year. Moreover, Riot Blockchain mined 329 bitcoins, 356 bitcoin cash (BCH), and 1,422 litecoins throughout the quarter in about break-even operations. One of the biggest publicly reported cryptocurrency miners, according to the firm.
Since the pivot, Riot Blockchain has completed several acquisitions and purchases in the blockchain and cryptocurrency sectors, which have turned the tides from scepticism with accusatory fingers to irate curiosity.
Riot Blockchain’s one of the most significant early purchases at 11% interest in the Canadian cryptocurrency exchange Coinsquare, with the possibility of increasing the stake to 14.7% by May 2018. Coinsquare is one of the major exchanges in North America (second-largest in Canada by trading volume).
A discussion with Jason Les, a director and advisor at Riot, revealed that Coinsquare just secured an institutional round of funding at a CAD $430 million valuation, with Riot holding a 12.5% interest.
Another early acquisition was Kairos Global Technologies Inc., a mining company that sold for $11.9 million in preferred convertible shares, 700 Antminer S9s and 500 Antminer L3s.In October 2017, Riot Blockchain invested $320,000 and 75,000 shares to acquire a 52% stake in Tess, which creates blockchain-based solutions for telecom businesses. Since that time, Tess has signed a binding contract to combine with a publicly traded Canadian corporation. Verady, a business that offers accounting, auditing, and verification services for blockchain-based assets, received investment from Riot Blockchain in November 2017.
Since 2018, Riot has been listed for trading on the NASDAQ. When the business changed its name to Riot Blockchain in 2018, it was under fire when it was still known as Bioptix. However, within months after changing its name, the publicly traded company’s stock price rose from $8 to $40 per share.
The Securities and Exchange Commission or SEC subpoenaed several businesses, including Riot Blockchain, for, among other things, using the term “blockchain” in its name without having a demonstrated relationship with the industry. Although the corporation was altering its focus in this instance, the SEC was still looking into other matters. Moreover, the corporation went through turmoil with its board of directors and long-term investors.
At the time of writing this piece, Riot Platforms Inc., which operates under the ticker symbol RIOT on NASDAQ, is trading at a stock price of $6.89. Moreover, it has a market capitalization of $1.04 billion. The 52-week high stock price of the company was $23.66. In contrast, the 52-week low share price was trading at $3.25.
As reported by 9 Wall Street analysts who have published a 1-year RIOT price target, the average RIOT price goal is $9.56; the highest RIOT stock price prognosis is $12.00, and the lowest RIOT stock price forecast is $5.00.By March 7th, 2024, analysts on Wall Street anticipate that Riot Platforms’ share price will have increased to $9.56 on average. From the current RIOT share price of $6.25, the average Riot Platforms stock price projection predicts a possible increase of 52.9%.
Nine Wall Street analysts that cover the (NASDAQ: RIOT) shares have agreed to Strong Buy the stock in 2023. Of the nine experts, 5 (55.56%) rate RIOT as a Strong Buy, 3 (33.33%) rate it as a Buy, 1 (11.11%) rates it as a Hold, 0 (0%), RIOT as a Sell, and 0 (0%), RIOT as a Strong Sell.Riot Platforms’ anticipated annual earnings growth rate of N/A is not anticipated to surpass the anticipated average earnings growth rate of 211.06% for the U.S. Software – Application industry, nor is it anticipated to surpass the anticipated average earnings growth rate of 78.66% for the U.S. market.
Moreover, the current Earnings Per Share (EPS) for Riot Platforms is $3.65. However, the average analyst estimate for RIOT’s EPS for 2023 is $0.86, with the lowest estimate coming in at -$0.03 and the highest at $1.70. Therefore, the EPS for RIOT is expected to reach $1.06 in 2024 (minimum: $1.06, maximum: $1.06).
Buy is the general consensus rating for Riot Platforms.
On March 7th, 2024, Riot Platforms' share price might hit $9.56, according to Wall Street experts. From the present RIOT share price of $6.25, the average Riot Platforms stock price projection predicts a possible increase of 52.9%
Riot Platforms (NASDAQ: RIOT) is owned by institutional shareholders (34.77%), insiders (22.04%), and retail investors (43.19%).
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