Riot Platforms Stock Plummets 53% YTD: Right Time to Buy?
Riot Platforms, Inc. (NASDAQ: RIOT) has experienced a 52.7% decline in its stock year to date, a sharp contrast to the 25.1% growth seen in its industry and the 19.6% increase in the Zacks S&P 500 composite.
This downturn mirrors the performance of other cryptocurrency-focused stocks, such as Cipher Mining (NASDAQ: CIFR), down 27.6%, and Marathon Digital (NASDAQ: MARA), which has fallen 31.6% during the same period.
Year-to-Date Price Performance
Image Source: Zacks Investment Research
The stock recently closed at $7.33, hovering near its 52-week low of $6.36, and is trading below its 50-day moving average, reflecting bearish investor sentiment.
With RIOT shares continuing to show weakness, investors may be considering whether now is the right time to buy. Let’s explore further.
RIOT’s Post-Halving Obstacles and Financial Difficulties
One of the primary reasons for RIOT’s downward trajectory is …
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