Movement Alert｜Riot Platforms Rises 5.02% in Pre-Market Trading, Momentum Continues Following Multiple Analyst Upgrades After Anthropic Deal

Market Focus08-20 18:17

On August 20, Riot Platforms rose 5.02% in pre-market trading, trading at $20.37/share, with turnover of $1.1089 million. The stock continues to gain momentum following a wave of analyst target price upgrades.

On August 18, JPMorgan raised its price target on Riot Platforms to $22. Earlier, Morgan Stanley raised its target to $43 on August 14, Macquarie adjusted its target to $35 from $30 on August 12, and Piper Sandler raised its target to $25 on the same day. The upgrades came after Riot Platforms announced a landmark $9.1 billion, 20-year, 191-megawatt data center lease agreement with Anthropic on August 11, marking a pivotal step in the company's transformation from a bitcoin miner into an AI/HPC infrastructure provider. While Q2 EPS of -$0.68 missed estimates of -$0.28, revenue of $174.2 million beat the $152 million consensus. The FactSet mean price target now stands at $32.98, well above the current trading price, reflecting strong institutional conviction in the AI pivot strategy.

(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.)

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