Why Riot Platforms Inc (NASDAQ: RIOT) Stock Should Not Be Taken For Granted By Investors In 2024


In the last trading session, 19.84 million shares of the Riot Platforms Inc (NASDAQ:RIOT) were traded, and its beta was 4.19. Most recently the company’s share price was $10.61, and it changed around -$0.86 or -7.50% from the last close, which brings the market valuation of the company to $2.69B. RIOT currently trades at a discount to its 52-week high of $20.65, offering almost -94.63% off that amount. The share price’s 52-week low was $8.60, which indicates that the current value has risen by an impressive 18.94% since then. We note from Riot Platforms Inc’s average daily trading volume that its 10-day average is 21.22 million shares, with the 3-month average coming to 27.16 million.

Riot Platforms Inc stock received a consensus recommendation rating of Buy, based on a mean score of 1.08. If we narrow it down even further, the data shows that 0 out of 1 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 0 recommended RIOT as a Hold, whereas 1 deemed it a Buy, and 0 rated it as Underweight. Riot Platforms Inc is expected to report earnings per share of -$0.14 for the current quarter.

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Riot Platforms Inc (NASDAQ:RIOT) trade information

Instantly RIOT has showed a red trend with a performance of -7.50% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently down -31.42% year-to-date, but still down -14.71% over the last five days. On the other hand, Riot Platforms Inc (NASDAQ:RIOT) is -26.52% down in the 30-day period. We can see from the shorts that 33.66 million shares have been sold at a short interest cover period of 1.18 day(s).

The consensus price target as assigned by Wall Street analysts is $12, which translates to bulls needing to increase their stock price by 11.58% from its current value. Analyst projections state that RIOT is forecast to be at a low of $9 and a high of $15.

Riot Platforms Inc (RIOT) estimates and forecasts

Riot Platforms Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 13.72 percent over the past six months and at a -150.00% annual growth rate that is well below the industry average of 17.70%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 57.60% in revenue this quarter, and will report an increase of 11.80% in the next quarter. The year-over-year growth rate is expected to be 72.00%, up from the previous year.

Consensus estimates provided by 10 financial analysts predict the company will bring in an average of $98.43 million in revenue for the current quarter. 10 analysts expect Riot Platforms Inc to make $98.85 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $73.24 million and $76.74 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 34.40%. Forecasts for the next quarter put sales growth at 28.80%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 42.06%. Riot Platforms Inc earnings are expected to increase by -116.10% in 2024, but the outlook is positive 20.00% per year for the next five years.

RIOT Dividends

Riot Platforms Inc’s next quarterly earnings report is expected to be released around May 08 and May 13.

Riot Platforms Inc (NASDAQ:RIOT)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 8.24% of Riot Platforms Inc shares, and 41.86% of them are in the hands of institutional investors. The stock currently has a share float of 45.62%. Riot Platforms Inc stock is held by 387 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 9.03% of the shares, which is about 17.93 million shares worth $211.96 million.

Blackrock Inc., with 6.06% or 12.04 million shares worth $142.3 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 5.27 million shares worth $62.34 million, making up 2.65% of all outstanding shares. On the other hand, Vanguard Small-Cap Index Fund held roughly 4.29 million shares worth around $50.75 million, which represents about 2.16% of the total shares outstanding.