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Riot Platforms, Inc
Riot Platforms, Inc (NYSE: RIOT) Riot Platforms, Inc. is a company specializing in Bitcoin mining and digital infrastructure. It operates Bitcoin mining facilities in central Texas and Kentucky, and conducts electrical switchgear engineering and fabrication in Denver, Colorado. The company’s operations are divided into two segments: Bitcoin Mining and Engineering.
Key Business & Financial Updates
Business Outlook
In July 2024, Riot significantly advanced by increasing Bitcoin production by 45% from June 2024 while acquiring and expanding into a new market. The company mined 370 Bitcoin, benefiting from enhanced hash rate deployment at the Corsicana Facility and strong performance from its systems. Continued improvements at the Rockdale Facility are expected to further boost operational uptime. After acquiring Block Mining, Riot revised its 2024 deployed hash rate forecast from 31 EH/s to 36 EH/s and also raised its 2025 forecast from 40 EH/s to 56 EH/s.
Technical Observation (on the daily chart):
The Relative Strength Index (RSI) over a 14-day period stands at a value of 40.16, recovering from oversold zone, with the expectations of upward momentum if USD 7.50-USD 8.00 support levels sustain. A break below USD 7 level can lead the stock price to next important support of around USD 5.00 levels. Additionally, the stock's current positioning is below both 50-Day SMA and 200-Day SMA, which can act as a short to medium term resistance levels.
As per the above-mentioned price action, momentum in the stock over the last month, current macroeconomic scenarios, recent business & financial updates, and technical indicators analysis, a ‘Speculative Buy’ rating has been given to Riot Platforms, Inc (NYSE: RIOT) at the closing market price of USD 8.04 as of August 20, 2024.
Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario.
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is August 20, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.
Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
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