Needham lowered the firm’s price target on Riot Platforms (RIOT) to $12 from $13.50 but keeps a Buy rating on the shares. The company reported a miss on adjusted EBITDA as SG&A and other COGS increased more than expected for the quarter, though the firm expects SG&A to moderate from here as the litigation with Rhodium is now resolved, which frees up an additional 125MWs for Riot, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RIOT:
- Crypto Currents: Riot Platforms, Strategy report Q1 earnings
- Riot Platforms: Buy Rating Affirmed Amid Litigation Resolution and Strategic Development at Corsicana Site
- Riot Platforms Reports Revenue Growth Amid Net Loss
- Riot Platforms reports Q1 revenue $161.4M vs. $79.3M last year
- Riot Blockchain options imply 7.5% move in share price post-earnings