- Riot Platforms reported sturdy outcomes for its Q1 final week.
- HCW analyst raised his PT on Riot Platforms stock as we speak.
- Mike Colonnese defined his bullish view in a analysis observe.
Shares of Riot Platforms Inc have already greater than tripled this 12 months however an H.C. Wainwright analyst says additional upside will unravel shifting ahead.
Riot Platforms stock has upside to $13.50
On Monday, Mike Colonnese reiterated his purchase ranking on the bitcoin miner and raised his value goal to $13.50 a share – up another 22% from right here.
His bullish observe on Riot Platforms stock arrives solely days after the corporate mentioned quite a few its key working metrics, together with hash charge, pushed to a report excessive in its first quarter.
With sturdy stability sheet and vital runway for future mining enlargement, RIOT is nicely positioned to outpace progress of community hash charge over the following 12 months.
Riot sees its mixture hash charge to climb from 10.5 EH/s in Q1 to 12.5 EH/s within the again half of 2023.
Riot Platforms income was up 22% sequentially
At $73 million, the Nasdaq-listed agency got here in shy of consensus estimates for income in its just lately concluded quarter.
But the HCW analyst stays constructive on Riot Platforms stock for the reason that income nonetheless represented a whopping 22% sequential progress. His research note additionally mentioned:
A premium is warranted given Riot Platforms’ trade main working capability, low electrical energy prices, and robust stability sheet.
Other notable figures within the firm’s earnings release embody a 51% year-on-year improve in bitcoin produced and mining margins that greater than doubled versus the earlier quarter. Note that the bitcoin miner has already touched $13.50 (Mike Colonnese’s value goal) as soon as this 12 months.