Riot Platforms ( (RIOT) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Riot Platforms’ stock has experienced a significant decline, primarily due to a 27% drop in Bitcoin production for 2024. This decrease is attributed to increased mining costs, which have risen sharply due to higher power expenses and the Bitcoin halving event in April 2024. Despite these challenges, the company reported a 34% increase in revenue, driven by a $132 million boost in Bitcoin mining revenue. However, engineering revenue saw a 40% decline due to delays in a government contract. The stock has fallen 43% over the past year, and analysts are expected to revise their outlook, despite the current Strong Buy rating.
More about Riot Platforms
YTD Price Performance: -4.49%
Average Trading Volume: 33,349,927
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $3.44B
For further insights into RIOT stock on TipRanks’ Stock Analysis page.
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