Is Riot Blockchain Stock a Buy Right Now? Analyst Weighs In

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Is Riot Blockchain Stock a Buy Right Now? Analyst Weighs In

TipRanks2021-07-13

The crackdown on Bitcoin miners in China and the subsequent decline in the network hash rate could be good news for North American miners. Companies such as Riot Blockchain (RIOT) could benefit from ...

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Roychai
·2021-08-13
Buy buy buy
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Riley’s Lucas Pipes’ estimates.\n“While we expected higher production levels in June, we believe the company's miner deployment is progressing well and on schedule,” Pipes said, having anticipated the company to mine 829 BTC in the second quarter.\nAs Pipes notes, the company is in the process of scaling up its recently acquired Whinstone facility – the deal closed in May - to 750 MW, which will provide RIOT with the “necessary power and related infrastructure to deploy anticipated miner deliveries and future growth opportunities.”\nBy the end of this month, the company anticipates another 7,500 S19 Pro Antminers will be deployed, which will result in a total miner fleet of 23,946 Antminers and an estimated hash rate of 2.4 EH/s. By 4Q22, RIOT should have approximately 81,146 miners operating at the facility, resulting in a total hash rate capacity of 7.7 EHs.\nSeeing out Q2, RIOT had on its books 2,243 BTC with a market value of $74 million, based on BTC’s current price hovering around the $33,000 mark.\n“Given Riot's growth trajectory and infrastructure capacity following the Whinstone acquisition, coupled with positive industry trends, we see Riot as well-positioned for further share price appreciation,” the 5-star analyst summed up.\nHowever, due to the lower 2Q production levels as well as “modest tweaks” to cost assumptions, the price target is lowered from $51 to $49. Still, there’s upside of 49% from current levels. Pipes’ rating stays a Buy. (To watch Pipes’ track record, click here)\nTwo other analysts are currently tracking RIOT’s progress, and both recommend to Buy. Thus, the stock has a Strong Buy consensus rating, backed by a $44 average price target. This implies shares could be changing hands for a 34% premium a year from now. (See RIOT stock analysis on TipRanks)\n\n\n\n\n\nTo find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.\nDisclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. 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