B. Riley lowered the firm’s price target on Riot Platforms to $8 from $11 and keeps a Buy rating on the shares following the Q4 results. The company’s February production of 675 bitcoin, down 8.8% from January, came slightly below the firms’ estimates but was largely a function of global network hash rate assumption, the analyst tells investors in a research note. The firm now thinks Riot will achieve its 12.5 EH/s target in the beginning of Q4, which is slightly more conservative than its previous estimate.
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Read More on RIOT:
- Riot Announces February 2023 Production and Operations Updates
- Riot Platforms produced 675 BTC in February, up 55% from last year
- Riot Reports Full Year 2022 Financial Results, Current Operational and Financial Highlights
- Riot Platforms reports FY22 adjusted EPS (47c), consensus ($2.78)
- Riot Blockchain options imply 4.6% move in share price post-earnings