From a technical perspective, Riot Platforms, Inc. (RIOT) is looking like an interesting pick, as it just reached a key level of support. RIOT's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world. A golden cross is a technical chart pattern that can signify a potential bullish breakout. It's formed from a crossover involving a security's short-term moving average breaking above a longer-term moving average, with the most comm ...

The most recent trading session ended with Riot Platforms, Inc. (RIOT) standing at $8.16, reflecting no shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 0.97%. Meanwhile, the Dow experienced a rise of 0.3%, and the technology-dominated Nasdaq saw an increase of 1.45%. The company's stock has climbed by 19.82% in the past month, exceeding the Business Services sector's gain of 4.27% and the S&P 500's gain of 5.41%. The investment community will b ...

Core Insights - Riot Platforms, Inc. produced 412 Bitcoin in September 2024, marking a 28% increase from August and a 14% increase year-over-year [2][3] - The company achieved a total deployed hash rate capacity of 28.2 EH/s, driven by operational improvements and the completion of the third 100 MW building at the Corsicana Facility [4][7] - Participation in ERCOT's Four Coincident Peak Program allowed the company to curtail operations during peak demand periods, contributing to cost savings and operational efficiency [6] Production Metrics - Bitcoin produced in September 2024: 412 BTC, up 28% from August and 14% from September 2023 [2] - Average Bitcoin produced per day: 13.7 BTC, a 32% increase month-over-month [2] - Bitcoin held at month-end: 10,427 BTC, a 4% increase from August and a 42% increase year-over-year [2] Hash Rate and Capacity - Total deployed hash rate: 28.2 EH/s, a 20% increase from August and a 159% increase year-over-year [2] - Average operating hash rate across facilities: 19.5 EH/s, a 35% increase month-over-month [2] Power Strategy - Riot's power strategy focuses on consuming power during low-cost periods and curtailing operations during high-demand periods to manage costs effectively [5] - The company achieved total power credits of $2.2 million in September, a 66% decrease from August [2] Facility Updates - The Corsicana Facility is developing Phase 1 (400 MW), with the third 100 MW building completed in September, bringing total capacity to 300 MW [7] - The final 100 MW building (Building B2) is expected to be operational by November [7] Upcoming Events - Riot will participate in Bitcoin Amsterdam on October 9-10 and AIM Summit in Dubai on October 21-22 [9]

In the latest trading session, Riot Platforms, Inc. (RIOT) closed at $7.44, marking a -1.2% move from the previous day. This change lagged the S&P 500's daily loss of 0.19%. At the same time, the Dow lost 0.7%, and the tech-heavy Nasdaq gained 0.04%. Prior to today's trading, shares of the company had lost 4.68% over the past month. This has lagged the Business Services sector's gain of 4.37% and the S&P 500's gain of 1.95% in that time. Analysts and investors alike will be keeping a close eye on the perfor ...

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Riot Platforms, Inc. (RIOT), and suggests that while the average brokerage recommendation (ABR) indicates a strong buy, investors should exercise caution and validate these recommendations with other tools like the Zacks Rank [1][2][12]. Brokerage Recommendations - Riot Platforms, Inc. has an average brokerage recommendation (ABR) of 1.17, indicating a position between Strong Buy and Buy, with 10 out of 12 recommendations being Strong Buy [2]. - Strong Buy and Buy recommendations account for 83.3% and 16.7% of all recommendations, respectively [2]. Limitations of Brokerage Recommendations - Studies indicate limited success of brokerage recommendations in guiding investors towards stocks with the best price increase potential [3]. - Analysts from brokerage firms often exhibit a positive bias due to vested interests, leading to a higher number of favorable ratings compared to negative ones [4][8]. Zacks Rank as an Alternative - Zacks Rank categorizes stocks into five groups based on earnings estimate revisions, which are shown to correlate strongly with near-term stock price movements [6][9]. - The Zacks Rank is updated more frequently than the ABR, making it a more timely indicator of future price movements [10]. Current Earnings Estimates for RIOT - The Zacks Consensus Estimate for Riot Platforms, Inc. remains unchanged at $0.07 for the current year, suggesting steady analyst views on the company's earnings prospects [11]. - The unchanged consensus estimate has resulted in a Zacks Rank of 3 (Hold) for Riot Platforms, Inc., indicating a cautious approach despite the favorable ABR [12].

Core Viewpoint - Riot Platforms, Inc. has faced a significant decline in stock performance, contrasting sharply with industry growth and broader market indices, primarily due to operational challenges following the Bitcoin halving event [1][2][3]. Group 1: Stock Performance - Year-to-date, Riot's stock has declined by 52.7%, while the cryptocurrency industry has grown by 25.1% and the Zacks S&P 500 composite has increased by 19.6% [1]. - The stock recently closed at $7.33, near its 52-week low of $6.36, and is trading below its 50-day moving average, indicating bearish investor sentiment [2]. Group 2: Operational Challenges - The Bitcoin halving event has increased operational challenges for miners, requiring them to work harder to mine the same amount of Bitcoin, without the anticipated price increase to offset this difficulty [3]. - Riot's Bitcoin production decreased by 13% sequentially in August 2024, reflecting operational inefficiencies [3]. - In Q2 2024, the company mined 844 Bitcoins, a 52% decrease year over year, primarily due to a significant increase in Bitcoin network difficulty since January 2023 [4]. Group 3: Financial Outlook - Over the past 60 days, four estimates for 2024 earnings have been revised downward, with the Zacks Consensus Estimate for 2024 earnings declining by 75.9%, indicating a lack of confidence among analysts [5]. - The company's operational struggles and analysts' downward revisions signal uncertainty regarding its financial performance [5][6]. Group 4: Investment Recommendations - Given the steep decline and significant challenges, a "Hold" recommendation is deemed appropriate, as the post-halving environment has made mining more difficult [6]. - Investors are advised to adopt a wait-and-watch approach to assess whether Riot can overcome its post-halving challenges before making further investment decisions [7].

Riot Platforms, Inc. (RIOT) closed the latest trading day at $7.22, indicating a +0.7% change from the previous session's end. The stock lagged the S&P 500's daily gain of 1.7%. At the same time, the Dow added 1.26%, and the tech-heavy Nasdaq gained 2.51%. Heading into today, shares of the company had lost 14.13% over the past month, lagging the Business Services sector's gain of 6.45% and the S&P 500's gain of 1.27% in that time. Analysts and investors alike will be keeping a close eye on the performance o ...

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Riot Platforms, Inc. (RIOT), and emphasizes the importance of using these recommendations in conjunction with other analytical tools like the Zacks Rank for making informed investment decisions [1][3]. Brokerage Recommendations for RIOT - Riot Platforms, Inc. has an average brokerage recommendation (ABR) of 1.17, indicating a consensus between Strong Buy and Buy, with 10 out of 12 recommendations classified as Strong Buy and 2 as Buy, representing 83.3% and 16.7% respectively [2]. - Despite the positive ABR, the article cautions against making investment decisions solely based on this metric, as studies show limited success of brokerage recommendations in predicting stock price increases [3]. Analyst Bias and Its Implications - Brokerage analysts tend to exhibit a strong positive bias in their ratings due to vested interests, with a ratio of five "Strong Buy" recommendations for every "Strong Sell" [4]. - This misalignment of interests can lead to misleading insights regarding a stock's future price movements, suggesting that investors should validate brokerage recommendations with their own analysis [5][8]. Zacks Rank as a Reliable Tool - The Zacks Rank, which classifies stocks from 1 (Strong Buy) to 5 (Strong Sell), is presented as a more reliable indicator of near-term price performance, based on earnings estimate revisions [6][9]. - The Zacks Rank is updated more frequently than the ABR, reflecting timely changes in analysts' earnings estimates, which correlates strongly with stock price movements [10]. Current Earnings Estimates for RIOT - The Zacks Consensus Estimate for Riot Platforms, Inc. remains unchanged at $0.07 for the current year, indicating steady analyst views on the company's earnings prospects [11]. - The unchanged consensus estimate, along with other factors, has resulted in a Zacks Rank of 3 (Hold) for Riot Platforms, Inc., suggesting caution despite the positive ABR [12].

Riot Produces 322 Bitcoin in August 2024 and Exceeds 10,000 Bitcoin Held CASTLE ROCK, Colo., Sept. 5, 2024 /PRNewswire/ -- Riot Platforms, Inc. (NASDAQ: RIOT) ("Riot" or "the Company"), an industry leader in vertically integrated Bitcoin ("BTC") mining, announces unaudited production and operations updates for August 2024. Riot is currently developing Phase 1 (400 MW) of the Company's Corsicana Facility.Riot is currently developing Phase 1 (400 MW) of the Company's Corsicana Facility. Building B1 at Riot's ...

Riot Platforms, Inc. (RIOT) reported $70.02 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 8.8%. EPS of -$0.32 for the same period compares to -$0.17 a year ago. The reported revenue represents a surprise of -0.63% over the Zacks Consensus Estimate of $70.46 million. With the consensus EPS estimate being -$0.16, the EPS surprise was -100.00%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...