Needham lowered the firm’s price target on Riot Platforms to $15 from $17 and keeps a Buy rating on the shares. The company’s Engineering and Hosting revenue came in quite a bit lighter than the Street expected but its G&A expenses were also higher, the analyst tells investors in a research note. The higher ‘Engineering’ cost was due to supply issues, which Riot management expects to be resolved by Q3 of this year, the firm added.
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