#5 - Riot Platforms (NASDAQ:RIOT)
Do you believe in Bitcoin? With the approval of Bitcoin ETFs, the answer to that question may not matter. The reality is that it's an asset class, albeit a volatile one, that's here to stay. But if Bitcoin is not right for your portfolio, you can still get indirect exposure to the cryptocurrency through Riot Platforms Inc. (NASDAQ: RIOT).
Riot Platforms is a blockchain technology company that is aiming to become North America's leading provider of Bitcoin mining services. RIOT stock is down 27% in the month ending March 28, 2024, which is likely due to the upcoming Bitcoin halving event, which will take place in mid-April.
But this price movement has occurred around the other Bitcoin halving cycles. However, it's more due to investor psychology than the fundamentals surrounding Bitcoin mining.
Riot Platforms is not profitable, and it's not expected to become profitable in the next 12 months. Still, investors give the stock a $17.83 price target, which would result in a 39% gain for RIOT stock.
About Riot Platforms
Riot Platforms, Inc, together with its subsidiaries, operates as a bitcoin mining company in North America. The company operates through three segments: Bitcoin Mining, Data Center Hosting, and Engineering. It also provides co-location services for institutional-scale bitcoin mining companies; critical infrastructure and workforce for institutional-scale miners to deploy and operate their miners; operation of data centers; and maintenance/management of computing capacity.
Read More - Current Price
- $11.55
- Consensus Rating
- Buy
- Ratings Breakdown
- 11 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $17.05 (47.6% Upside)
