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Riot Platforms Inc (NASDAQ:RIOT), considered one of the promising blockchain stocks, has almost doubled its share price year to date.
Despite this rally, the stock is trading only at a modest premium to peers, according to Needham.
The Riot Platforms Analyst: John Todaro initiated coverage on Riot Platforms with a Buy rating and a price target of $9.
Check out other analyst stock ratings.
The Riot Platforms Thesis: The company not only has more cash and equivalents than other miners but is also completely debt-free, Todaro said in the initiation note.
Riot Platforms is among the largest “vertically integrated miners in terms of MW capacity, hash rate, and BTC production,” the analyst wrote. “We expect industry leaders like RIOT to gain share as miners experience an inflection at the Halving in '24."
Riot Platforms is a lower-cost bitcoin miner, and its balance sheet offers the company operational flexibility and lowers its risk profile, Todaro further mentioned.
RIOT Price Action: Shares of Riot Platforms had lost 0.76% to reach $6.59 in the premarket session on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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