Investors in crypto miner Riot Platforms (NASDAQ:RIOT) have seen their capital plummet by nearly 64% over the past year.
While the company’s top line has ticked up from $12 million in 2020 to $213 million in 2021, its bottom line is yet to turn positive. The challenges for players in the crypto space continue as major cryptocurrencies such as Bitcoin (BTC-USD) and Ethereum (ETH-USD) have seen a price decline of 45.7% and 44% respectively over the past year.
Nonetheless, even as crypto enthusiasts remain optimistic, RIOT is anticipated to post a revenue of $355 million for 2023.
Analysts too, remain upbeat about the stock with a Strong Buy consensus rating. Recently, Needham’s John Todaro noted that RIOT remains one of the biggest vertically integrated miners with a breakeven cost that is at the, “lower end of the spectrum.”
Overall, Wall Street has a consensus price target of $9.60 on RIOT, implying a massive 55.3% potential upside in the stock.
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