On August 18, Riot Platforms declined 5.36% in regular trading, trading at $19.015/share with turnover of $114 million, giving back a portion of its sharp gains from the prior week.
The stock had surged over 22% on August 11 after announcing a 20-year, 191-megawatt data center lease agreement with Anthropic, a frontier AI laboratory, expected to generate approximately $9.1 billion in total revenue. Following that surge, multiple analysts raised their price targets, including Morgan Stanley to $43, Macquarie to $35, and Piper Sandler to $25. On August 18, JPMorgan raised its target to $22, notably the most conservative among recent analyst actions and well below the consensus mean target of $32.98.
Despite the transformative Anthropic partnership accelerating Riot Platforms' pivot toward AI/HPC infrastructure, the company's Q2 earnings reported a loss of $0.68 per share, significantly missing the consensus estimate of -$0.28, which may continue to weigh on near-term sentiment.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments