- Riot Platforms reported robust outcomes for its Q1 final week.
- HCW analyst raised his PT on Riot Platforms inventory right this moment.
- Mike Colonnese defined his bullish view in a analysis word.
Shares of Riot Platforms Inc have already greater than tripled this 12 months however an H.C. Wainwright analyst says additional upside will unravel transferring ahead.
Riot Platforms inventory 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 one other 22% from right here.
His bullish word on Riot Platforms inventory arrives solely days after the corporate stated plenty of its key working metrics, together with hash charge, pushed to a file excessive in its first quarter.
With robust stability sheet and vital runway for future mining enlargement, RIOT is properly positioned to outpace development of community hash charge over the subsequent 12 months.
Riot sees its combination 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 lately concluded quarter.
However the HCW analyst stays constructive on Riot Platforms inventory for the reason that income nonetheless represented a whopping 22% sequential development. His research note additionally stated:
A premium is warranted given Riot Platforms’ business main working capability, low electrical energy prices, and robust stability sheet.
Different notable figures within the firm’s earnings release embody a 51% year-on-year enhance in bitcoin produced and mining margins that greater than doubled versus the earlier quarter. Notice that the bitcoin miner has already touched $13.50 (Mike Colonnese’s value goal) as soon as this 12 months.