Riot Platforms Inc. (RIOT) receives a Buy rating from Needham


Riot Platforms Inc.’s recently made public that its Director Marleau Hubert unloaded Company’s shares for reported $0.63 million on Aug 17. In the deal valued at $12.28 per share,51,165 shares were sold. As a result of this transaction, Marleau Hubert now holds 27,860 shares worth roughly $ 0.31 million.

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Then, D’Ambrosio Lance Varro sold 26,000 shares, generating $498,160 in total proceeds. Upon selling the shares at $19.16, the Director now owns 13,441 shares.

Before that, Yi Soo il Benjamin sold 485,884 shares. Riot Platforms Inc. shares valued at $5,724,383 were divested by the EXECUTIVE CHAIRMAN at a price of $11.78 per share. As a result of the transaction, Yi Soo il Benjamin now holds 2,830,884 shares, worth roughly $31.08 million.

Needham initiated its Riot Platforms Inc. [RIOT] rating to a Buy in a research note published on Tuesday, February 21, 2023; the price target was $9. PT values the company’s stock at a premium of -22.0 to its Tuesday closing price.

Price Performance Review of RIOT

On Tuesday, Riot Platforms Inc. [NASDAQ:RIOT] saw its stock fall -0.54% to $10.98. On the same session, the stock had its day’s lowest price of $10.72, but rose to a high of $11.23. Over the last five days, the stock has gained 4.67%. Riot Platforms Inc. shares have risen nearly 223.89% since the year began. Nevertheless, the stocks have risen 60.29% over the past one year. While a 52-week high of $20.65 was reached on 07/14/23, a 52-week low of $3.25 was recorded on 01/03/23. SMA at 50 days reached $14.85, while 200 days put it at $9.55. A total of 9.97 million shares were traded, compared to the trading of 15.52 million shares in the previous session.

Levels Of Support And Resistance For RIOT Stock

The 24-hour chart illustrates a support level at 10.72, which if violated will result in even more drops to 10.47. On the upside, there is a resistance level at 11.23. A further resistance level may holdings at 11.49. The Relative Strength Index (RSI) on the 14-day chart is 36.57, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.11, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 73.49%. Stochastics %K at 22.48% indicates the stock is a holding.

How much short interest is there in Riot Platforms Inc.?

A steep rise in short interest was recorded in Riot Platforms Inc. stocks on Aug 14, 2023, growing by 1.26 million shares to a total of 29.5 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 28.24 million shares. There was a rise of 4.27%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 16.81% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.5.

Riot Platforms Inc. [RIOT] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 17,539,563 shares, or roughly 10.02% of the outstanding RIOT shares. In other words, the investor’s shares have risen by 2,621,563 from its previous 13-F filing of 14918000.0. Additionally, BlackRock Fund Advisors increased 7.22% of its stake after which the total value it holdings stand at $199,078,314, while SSgA Funds Management, Inc. added 14.63% of its stake to hold $91.92 million in the firm. Over the last quarter, Geode Capital Management LLC purchased 66,494 shares of Riot Platforms Inc., while Invesco Capital Management LLC bought 421,358 shares. At present, Marshall Wace LLP is holding 1,557,699 shares valued at $28.85 million. Intrinsic Edge Capital Management owned 1,539,559 shares of the company at the time of its most recent 13F filing, worth $28.51 million.

According to FactSet, Riot Platforms Inc.’s share price will average $19.44 in the next year, based on opinions of analysts polled by the firm. This is up nearly 72.1 percent from its previous closing price of $11.04. Analysts expect Riot Platforms Inc. stock to reach the higher price of $23.00, while the lowest price estimate is $16.50. However, 10 analysts have rated RIOT stock as a Buy in their predictions for 2023.


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