Riot Platforms Analysts Expect Bitcoin Mining Stock To More Than Double
Portfolio Pulse from Murtuza Merchant
Financial services firm Cantor Fitzgerald has identified Riot Platforms (NASDAQ:RIOT) as their top pick in the Bitcoin mining sector, setting a price target of $23.00, more than double its current price of $10.98. Despite a 19% MoM decrease in Bitcoin mining in August 2023, Riot generated $31.6 million from power credits and demand response credits. Riot's management has revised its hash rate guidance, expecting to achieve 12.5 EH/s by the end of 2023. Riot held 7,309 Bitcoin on its balance sheet as of Aug. 31, marking a 0.5% MoM increase.
September 07, 2023 | 6:50 pm
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POSITIVE IMPACT
Cantor Fitzgerald has set a price target of $23.00 for Riot Platforms, more than double its current price. Despite a decrease in Bitcoin mining, Riot generated significant revenue from power credits and demand response credits.
Cantor Fitzgerald's bullish stance and the high price target set for Riot Platforms indicate a positive outlook for the company. Despite mining fewer Bitcoins, Riot's revenue generation from power credits and demand response credits shows a diversified income stream, which is a positive sign for investors. The company's revised hash rate guidance also indicates potential for growth.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
The price of Bitcoin is relevant to Riot Platforms' performance as the company is involved in Bitcoin mining. The company's revenue from Bitcoin mining decreased, but it was offset by revenue from power credits and demand response credits.
The price of Bitcoin directly impacts Riot Platforms' revenue from Bitcoin mining. However, the company's diversified income stream from power credits and demand response credits can offset potential negative impacts from fluctuations in Bitcoin price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70