2024

Bitcoin

April

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<a href="https://crypto.news/tag/riot-blockchain/" rel="">Riot’s </a>shares surged by more than 20% fueled by optimistic evaluations from analysts who foresee substantial growth in the company’s financial performance. 
Anticipation surrounding Riot‘s financial performance, particularly in the wake of recent analyst predictions, has fueled significant investor interest. The bullish sentiment was evident as Riot Platform’s stock (RIOT) on Nasdaq surged by 23% to $11.24 as of April 23, according to data from Google Finance. 
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 RIOT stock price in USD | Source: Google Finance
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On April 22, Analyst Mike Colonnese from H.C. Wainwright <a href="https://markets.businessinsider.com/news/stocks/buy-rating-affirmed-riot-platforms-growth-trajectory-and-financial-strength-set-stage-for-expansion-1033272517" target="_blank" rel="">reaffirmed a Buy rating</a> on Riot Platforms and set a target price of $20.00. He noted the company’s clear growth trajectory and strong financial position as&nbsp;key&nbsp;factors for his positive outlook. 
Colonnese highlighted Riot’s plans to significantly enhance its hash rate from 12.4 EH/s to 31.5 EH/s by the end of 2024 and&nbsp;to&nbsp;41 EH/s by the end of 2025. This strategic increase in capacity&nbsp;is supported&nbsp;by the <a href="https://crypto.news/riot-cleanspark-bitcoin-mining-halving/" rel="">operational commencement of the first 400 MW substation</a> at the new Corsicana facility in Texas.&nbsp; 
Furthermore, the firm’s financial robustness is underscored by its liquidity of over $1.2 billion, positioning it well for future expansions. 
Riot’s current low-cost production strategy and&nbsp;the underperformance of its stock year-to-date were identified by Colonnese as an attractive opportunity for investment. He also mentioned the reduced shipment times for necessary mining rigs due to&nbsp;the manufacturing presence of<a href="https://crypto.news/riot-acquires-18-eh-s-in-hash-rate-and-establishes-extended-agreement-with-microbt-for-future-supplies/" rel=""> MicroBT</a>&nbsp;in Pennsylvania, which aids Riot’s near-term expansion strategies.&nbsp; 
While Colonnese acknowledges some past challenges in deployment timelines, he remains confident in Riot’s capacity for the effective execution of its expansion plans. 
 You might also like: <a href="https://crypto.news/riot-platforms-bitcoin-mining-output-surged-by-19-2023/" rel=""> Riot Platforms Bitcoin mining output surged by 19% in 2023: report </a> 
Separately, on the same day, Roth MKM analyst Darren Aftahi <a href="https://www.cantechletter.com/2024/04/riot-is-the-best-crypto-stock-roth-says/" target="_blank" rel="">expressed a similarly bullish stance</a> on Riot Platforms following his attendance at the company’s Analyst Day in New York.&nbsp; 
Aftahi maintained a Buy rating with a price target of $25.50, expecting&nbsp;the company to achieve an EBITDA of $54.7 million on revenue of $391.5 million in fiscal 2024, with further improvements to $144.5 million EBITDA on&nbsp;$516.4 million revenue&nbsp;in fiscal 2025. 
The analyst’s optimism is rooted in Riot’s&nbsp;strong financial&nbsp;structure, highlighted by approximately $1.3 billion in cash and Bitcoin holdings as of the end of March.&nbsp; 
“Following the halving, we believe RIOT is one of a few miners that has a line of sight to a significantly higher hash rate in the next 6-12 months,” he wrote.&nbsp; 
Furthermore,&nbsp;as&nbsp;per the analyst, the partial energization of Corsicana’s first building is a key factor that could drive&nbsp;major&nbsp;growth in Riot’s hash rate and, consequently, its stock valuation in the near term. 
 Read more: <a href="https://crypto.news/judge-ruling-favors-riot-case-against-energy-officials/" rel=""> Judge ruling favors Riot in case against energy officials </a>

Riot’s Price jumps 23% on analysts’ bullish forecast

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