John Todaro, an analyst from Needham, maintained the Buy rating on Riot Platforms (RIOT – Research Report). The associated price target is $18.00.
John Todaro’s Buy rating for Riot Platforms is grounded in a multifaceted analysis of the company’s operational and market positioning. His optimism stems from updated revenue and EBITDA estimates for Q4’23 and Q1’24, which take into account the latest production numbers and power curtailment credits. Additionally, an adjusted forecast for the company’s hash rate—now expected to capture a larger portion of the bitcoin network post-halving—further bolsters the outlook.
Todaro’s confidence is also reinforced by the recent uptick in bitcoin prices, prompting an increase in his bitcoin price projections. Despite a slight adjustment in the price target to $18 from $19 due to a higher network hash rate and an increased share count, the overall assessment points to a stronger financial performance for Riot Platforms, justifying the Buy recommendation.
In another report released on February 9, Northland Securities also maintained a Buy rating on the stock with a $18.00 price target.
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Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RIOT in relation to earlier this year.
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Riot Platforms (RIOT) Company Description:
Riot Blockchain Inc is focused on building, supporting and operating blockchain technologies. Distributed blockchain technology is a decentralized and encrypted ledger that is designed to offer a secure, efficient, verifiable and permanent way of storing records and other information without the need for intermediaries. It serves as a medium of exchange, store of value or unit of account. The company’s portfolio consists of Verady, Tesspay, Coinsquare, and others.
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