Riot Platforms reported sturdy 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 shifting 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 a lot of its key working metrics, together with hash charge, pushed to a document 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 subsequent 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.
However the HCW analyst stays constructive on Riot Platforms inventory for the reason that income nonetheless represented a whopping 22% sequential progress. His analysis word additionally stated:
A premium is warranted given Riot Platforms’ trade main working capability, low electrical energy prices, and powerful stability sheet.
Different notable figures within the firm’s earnings launch embody a 51% year-on-year improve in bitcoin produced and mining margins that greater than doubled versus the earlier quarter. Observe that the bitcoin miner has already touched $13.50 (Mike Colonnese’s value goal) as soon as this 12 months.