• Riot Platforms reported robust first quarter outcomes final week.
• HCW analysts raised the PT on Riot Platform shares at this time.
• Mike Coronese defined his bullish view in a analysis be aware.

Riot Platforms’ inventory has greater than tripled this 12 months, however analysts at HC Wainwright say additional rally is prone to unwind.

Riot Platforms Inventory Has $13.50 Upside

On Monday, Mike Coronese reiterated his purchase ranking on Bitcoin miners, elevating his worth goal to $13.50 per share, up one other 22% from there.

His bullish feedback on Riot Platform’s inventory come simply days after the corporate introduced that a lot of its key working metrics, together with hashrate, hit all-time highs within the first quarter.

With a robust steadiness sheet and a big runway for future mining growth, RIOT is effectively positioned to outperform community hash price development over the subsequent 12 months.

Riot expects whole hash price to rise from 10.5 EH/s in Q1 to 12.5 EH/s within the second half of 2023.

Riot Platforms income elevated 22% quarter-on-quarter

The Nasdaq-listed firm posted income of $73 million, underperforming consensus expectations in the newest quarter.

Nevertheless, HCW analysts stay constructive on Riot Platform’s inventory as earnings nonetheless present a powerful 22% quarter-over-quarter development. In his analysis notes he additionally wrote:

Contemplating Riot Platforms’ industry-leading operational capabilities, low electrical energy charges, and robust steadiness sheet, a premium is assured.

Different notable numbers within the firm’s earnings name embody a 51% enhance in bitcoin manufacturing year-over-year and mining margins greater than doubling in comparison with the earlier quarter. Be aware that Bitcoin miners have already touched $13.50 (Mike Coronese’s goal worth) as soon as this 12 months.