Riot Platforms Powers Up: Analyst Gives 4 Reasons Why He Is Bullish
Posted On May 2, 2025
Needham analyst John Todaro reiterated the Buy rating on Riot Platforms, Inc. (NASDAQ:RIOT) on Friday, lowering the price forecast from $13.50 to $12.
On Thursday, the company reported first quarter results, in which total revenue was up from $79.3 million in the prior year’s quarter, primarily driven by a $71.5 million increase in Bitcoin mining revenue.
The Bitcoin miner produced 1,530 Bitcoin in the first quarter, up from 1,364 in the first quarter of 2024. Riot’s average cost to mine totaled $43,808 in the quarter.
The analyst remains bullish on Riot Platforms for four main reasons.
First, the company has upcoming high-performance computing (HPC) opportunities in 2026 with 600MW of potential capacity at its Corsicana site.
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