- Final week, Riot Platforms reported robust first quarter outcomes.
- HCW analyst raised his stake in PT Riot Platforms at present.
- Mike Colonnese defined his brutal method in a analysis be aware.
Shares of Riot Platforms Inc. have already greater than tripled this 12 months, however an analyst at HC Wainwright says the rise will proceed.
Riot Platforms shares rose to $13.50
On Monday, Mike Colonnese reiterated his purchase ranking on the bitcoin miner and raised his value goal to $13.50 per share, an additional 22% upside.
His bullish report on Riot Platforms inventory comes simply days after the corporate introduced that a number of key efficiency indicators, together with its hashrate, hit document highs within the first quarter.
With a robust stability sheet and vital runway for future mining growth, RIOT is effectively positioned to outpace the community’s hash price progress within the coming years.
Riot believes that the general hash price will improve from 10.5 EH/s within the first quarter to 12.5 EH/s in 2023. on the finish
Riot Platforms income rose 22% sequentially.
73 million The Nasdaq-listed firm missed consensus on earnings for the just lately ended quarter.
Nonetheless, the HCW analyst stays bullish on Riot Platforms inventory as income nonetheless grew 22% sequentially. His analysis be aware additionally says:
The premium is assured resulting from Riot Platforms main operational capabilities, low electrical energy consumption and robust stability sheet.
Different notable numbers within the firm’s earnings report embrace a 51% year-over-year improve in bitcoin volumes and mining margins that greater than doubled in comparison with the earlier quarter. Notice that the bitcoin miner has already reached $13.50 (Mike Colonnese’s value goal) as soon as this 12 months.
