Riot Platforms inventory has one other 22% upside: HCW analyst

• Riot Platforms reported sturdy outcomes for its Q1 final week.
• HCW analyst raised his PT on Riot Platforms inventory as we speak.
• Mike Colonnese defined his bullish view in a analysis notice.

Shares of Riot Platforms Inc have already greater than tripled this 12 months however an H.C. Wainwright analyst says additional upside will unravel shifting ahead.

Riot Platforms inventory has upside to $13.50

On Monday, Mike Colonnese reiterated his purchase score on the bitcoin miner and raised his worth goal to $13.50 a share – up one other 22% from right here.

His bullish notice on Riot Platforms inventory arrives solely days after the corporate stated quite a few its key working metrics, together with hash fee, pushed to a document excessive in its first quarter.

With sturdy steadiness sheet and vital runway for future mining growth, RIOT is effectively positioned to outpace progress of community hash fee over the following 12 months.

Riot sees its mixture hash fee to climb from 10.5 EH/s in Q1 to 12.5 EH/s within the again half of 2023.

Riot Platforms income was up 22% sequentially

At $73 million, the Nasdaq-listed agency got here in shy of consensus estimates for income in its lately concluded quarter.

However the HCW analyst stays constructive on Riot Platforms inventory because the income nonetheless represented a whopping 22% sequential progress. His research note additionally stated:

A premium is warranted given Riot Platforms’ business main working capability, low electrical energy prices, and powerful steadiness sheet.

Different notable figures within the firm’s earnings release embody a 51% year-on-year enhance in bitcoin produced and mining margins that greater than doubled versus the earlier quarter. Notice that the bitcoin miner has already touched $13.50 (Mike Colonnese’s worth goal) as soon as this 12 months.