Market News

Riot Blockchain’s Q3 Net Loss Widens; Shares Drop

Shares of Bitcoin mining company Riot Blockchain (RIOT) declined 7.3% on Monday after the company reported a net loss of $15.3 million in the third quarter of 2021, wider than the net loss of $1.7 million reported in the same quarter last year.

The company reported total revenue of $64.8 million, up 2,532% from $2.5 million posted in the prior-year quarter. Meanwhile, Mining revenues rose 2,099% and stood at $53.6 million.

The company reported a 482% year-over-year rise in Bitcoin production to 1,292 in the third quarter. The average Bitcoin price used to calculate Riot’s third-quarter mining revenues was about $41,837. (See Riot stock charts on TipRanks)

As of September 30, 2021, the company held highly liquid current assets of $179 million. Moreover, as of October 31, 2021, Riot’s unaudited Bitcoin balance stood at 3,995 BTC, all of which were produced by its mining operations.

The CEO of Riot, Jason Les, said, “Riot’s technology-focused, vertically integrated strategy significantly de-risks the Company’s future growth plans. Additionally, it enhances future capital efficiencies as technological improvements, such as industrial-scale immersion technologies, are systematically incorporated into future hash rate deployments. With these strengths of Riot at play, the future financial opportunities for the Company are exciting.”

Analyst Recommendation

Consensus among analysts is a Strong Buy based on 5 unanimous Buys. The average Riot price target stands at $46.60 and implies upside potential of 10.7% to current levels. Shares of the company have gained 155.4% so far this year.

See Analysts’ Top Stocks on TipRanks >>

Bullish Investor Sentiment

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Riot with 11.9% of investors on TipRanks increasing their exposure to RIOT stock over the past 30 days.

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