What's Going On With Bitcoin Mining Stock Riot Platforms Tuesday?
Portfolio Pulse from Adam Eckert
Riot Platforms Inc (NASDAQ:RIOT) reported a significant drop in Bitcoin production for May, down 68% year-over-year and 43% from April, due to reduced block rewards post-April halving. Despite this, the company increased its deployed hash rate by 39% year-over-year and held 9,084 bitcoins, up 26% year-over-year. Riot is progressing towards its 2024 hash rate growth targets with developments at its Corsicana and Rockdale facilities. JPMorgan analyst Reginald Smith maintained an Overweight rating but lowered the price target from $15.50 to $12.
June 04, 2024 | 3:04 pm
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Riot Platforms reported a significant drop in Bitcoin production for May, down 68% year-over-year and 43% from April, due to reduced block rewards post-April halving. Despite this, the company increased its deployed hash rate by 39% year-over-year and held 9,084 bitcoins, up 26% year-over-year. JPMorgan analyst Reginald Smith maintained an Overweight rating but lowered the price target from $15.50 to $12.
The significant drop in Bitcoin production is a negative indicator for short-term performance, despite the increase in hash rate and Bitcoin holdings. The lowered price target by JPMorgan further suggests a bearish outlook.
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