- Riot Platforms reported sturdy first quarter outcomes final week.
- The HCW analyst lifted his PT inventory on Riot Platforms in the present day.
- Mike Colonnese defined his bullish view in a analysis word.
Shares of Riot Platforms Inc have already greater than tripled this yr, however an analyst at HC Wainwright stated extra bulls will plummet sooner or later.
Riot Platforms inventory jumped to $13.50
On Monday, Mike Colonnese reiterated his purchase ranking on the bitcoin miner and raised his worth goal to $13.50 per share, up one other 22% from right here.
Its bullish ranking on Riot Platforms shares comes simply days after the corporate stated various its key working metrics, together with hash price, hit an all-time excessive within the first quarter.
With a robust steadiness sheet and vital avenue for future mining growth, RIOT is effectively positioned to outpace community hash price progress over the subsequent yr.
Riot sees its combination hash price enhance from 10.5 EH/s within the first quarter to 12.5 EH/s within the second half of 2023.
Riot Platforms income elevated 22% sequentially
At $73 million, the Nasdaq-listed firm fell wanting consensus income estimates in its just lately concluded quarter.
However the HCW analyst stays constructive on Riot Platforms inventory as income nonetheless accounted for a whopping 22% sequential progress. His analysis word additionally stated:
A premium is warranted given Riot Platforms’ peak working capability, low electrical energy prices, and robust steadiness sheet.
Different notable numbers within the firm’s earnings launch embrace a 51% year-over-year enhance in bitcoin manufacturing and mining margins that greater than doubled from the prior quarter. Notice that the bitcoin miner has already touched $13.50 (Mike Colonnese’s worth goal) as soon as this yr.