tl;dr
J.P. Morgan's recent upgrade of Riot Platforms' stock from Neutral to Overweight signals a positive outlook for the company amid plans to double its mining capacity by the end of the year, with potential significant growth in its total hashrate.According to Reginald Smith, an analyst at J.P. Morgan,...
J.P. Morgan's recent upgrade of Riot Platforms' stock from Neutral to Overweight signals a positive outlook for the company amid plans to double its mining capacity by the end of the year, with potential significant growth in its total hashrate.
According to Reginald Smith, an analyst at J.P. Morgan, Riot Platforms is projected to energize 9 exahashes per second (EH/s) in the near term, followed by an additional 10 EH/s in the latter half of 2024, potentially reaching a total hashrate of 31.5 EH/s by the end of the year. This outlook presents an optimistic trajectory for the company, with a more visible path to growth than other publicly listed miners. Furthermore, despite recent underperformance in RIOT shares contrasted with bitcoin's price rally, Smith's Overweight rating diverges from the SA Quant system's Hold rating and aligns with the average Wall Street analyst rating of Strong Buy, reflecting continued market confidence in Riot Platforms' future prospects.
More about Riot Blockchain Inc
Riot Blockchain Inc, a company focused on cryptocurrency mining in North America, has seen a decrease in its stock performance with a negative EPS of -0.28. Despite this, the company has shown a positive revenue trend with an increase of 1.604. Market sentiment towards Riot Blockchain Inc remains bullish with a current stock price of 20.09. However, potential risks and uncertainties should be considered as the cryptocurrency market is known for its volatility and unpredictable nature.
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