Riot Platforms (RIOT) stock rallied on Wednesday for a couple of reasons. The first was a rise in Bitcoin (BTC), which was up 1.46% as of this writing. This matters to Riot Platforms, as the company operates the largest Bitcoin mine in the U.S., in terms of developed capacity. As such, any positive news for Bitcoin can also act as a catalyst for RIOT stock.
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Another highlight for Riot Platforms stock today was new analyst coverage. Analysts at Arete Research initiated coverage of RIOT stock with a Buy rating and a $26 price target, suggesting a possible 39.78% upside for the shares. Arete Research also initiated coverage of Iren (IREN) and Cipher Mining (CIFR) with Buy ratings.
Arete Research started its coverage of RIOT, IREN, and CIFR shares with a bullish stance due to their crypto mining capabilities. The firm’s analysts noted that these operations also allow for long-term artificial intelligence (AI) computing opportunities. Considering the rising interest around AI stocks, it makes sense that investors’ morale would rise on these statements.
Riot Platforms Stock Movement Today
Riot Platforms stock was up 8.55% on Wednesday, extending an 81.49% rally year-to-date. The stock has also increased 129.44% over the past 12 months. Today’s news came with strong trading, as some 35 million shares changed hands. That’s closing in on its three-month daily average trading volume of about 38 million units.
Is Riot Platforms Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Riot Platforms is Strong Buy, based on 12 Buy ratings and two Hold ratings over the past three months. With that comes an average RIOT stock price target of $18.58, representing a potential 0.41% upside for the shares.
