Riot Blockchain (RIOT)

Nov 24, 2021Trade Ideas

Weakness in Bitcoin mining stock, Riot Blockchain (RIOT) may be an opportunity — especially with Bitcoin showing signs of bottoming out.

Not only did Bitcoin catch support dating back to early October, but RSI, MACD, and Williams’ %R have become over-extended in oversold territory, as well. If BTC can push higher from here, mining stocks like RIOT could follow.

Helping, BTIG analyst Gregory Lewis just raised the firm’s price target on RIOT to $50 from $45.

Even better, Riot Blockchain continues to produce impressive numbers. In Q3 2021, the company increased total revenue by 2,532% to a record $64.8, as compared to $2.5 million year over year. It also increased mining revenue by 2,099% to $53.6 million, as compared to $2.4 million year over year.

“We are extremely pleased to report another quarter of record financial results,” said Jason Les, CEO of Riot, as quoted in a company release. “These results demonstrate the continuous financial and operational improvements that management is focused on delivering for shareholders. Riot’s technology-focused, vertically integrated strategy significantly de-risks the Company’s future growth.”

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