What's Going On With Riot Platforms Stock?
Portfolio Pulse from Erica Kollmann
Riot Platforms, Inc. (NASDAQ:RIOT) shares are being closely watched as the broader markets and Bitcoin prices slip. Riot announced the acquisition of Block Mining, which will significantly increase its power resources and hashrate targets. Analysts have mixed views on Riot's short-term performance but remain bullish overall.
July 24, 2024 | 5:38 pm
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Riot Platforms announced the acquisition of Block Mining, enhancing its power resources and hashrate targets. Analysts have mixed short-term views but remain bullish overall.
The acquisition of Block Mining is a strategic move that will significantly enhance Riot's power resources and hashrate targets, positioning it as one of the top U.S.-listed miners. Despite short-term challenges, such as expected lower bitcoin production and adjusted EBITDA, analysts remain bullish on Riot due to its clean balance sheet, low power costs, and premium trading relative to peers.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100