TLDR
- Riot Platforms (RIOT) stock rose 1.13% to $13.44, outperforming major market indices
- The stock has gained 19.95% over the past month, beating both the Finance sector and S&P 500
- Company produced 477 bitcoins in August, strengthening its position in cryptocurrency mining
- Upcoming earnings report shows projected EPS of -$0.19, a 64.81% improvement year-over-year
- Call trading volume has increased, indicating positive investor sentiment ahead of earnings
Riot Platforms stock closed up 1.13% at $13.44 in the latest trading session. The gain outpaced broader market performance, with the S&P 500 rising just 0.21%.
The cryptocurrency mining company has been on a roll lately. Over the past month, RIOT shares have jumped 19.95%, crushing the Finance sector’s 3.47% gain and the S&P 500’s 3.07% advance.
Trading activity has picked up around the stock. Call option volume has increased, suggesting investors are betting on further gains. This bullish sentiment comes as the company prepares to release its next earnings report.
The options activity tells an interesting story. While there’s some mixed sentiment in the options market, the overall tone appears cautiously optimistic. Investors seem willing to position themselves for potential upside.
Mining Operations Show Strength
Riot Platforms produced 477 bitcoins during August. This production figure has helped boost confidence in the company’s mining operations. The bitcoin production data came as cryptocurrency markets showed renewed strength.
The mining sector has faced various challenges this year. Power costs, mining difficulty adjustments, and bitcoin price volatility all impact operations. Yet Riot appears to be navigating these headwinds effectively.
Current market capitalization stands at $4.91 billion. The company’s year-to-date performance shows a 28.49% gain. Average daily trading volume reaches 39.63 million shares, indicating strong retail and institutional interest.
Earnings Expectations Building
Wall Street analysts project earnings per share of -$0.19 for the upcoming quarter. While still negative, this represents a 64.81% improvement compared to the same period last year. Revenue expectations have been set at $165.66 million.
This revenue forecast shows a 95.38% increase versus the year-ago quarter. The growth projection reflects both higher bitcoin production and improved pricing conditions. Full-year estimates call for -$0.67 per share in earnings and $665.63 million in revenue.
The revenue estimate would mark a 76.72% increase from the previous year. However, the earnings projection shows a -297.06% change, reflecting ongoing operational costs and market conditions.
Analyst estimate revisions have remained stable recently. The Zacks Consensus EPS estimate held steady over the past month. This stability suggests analysts maintain their current outlook on the company’s near-term prospects.
Riot currently holds a Zacks Rank of #3 (Hold). The ranking system places the stock in a neutral category. The Financial – Miscellaneous Services industry ranks in the top 22% of all industries tracked.
Technical sentiment signals currently show a “Buy” rating for the stock. This aligns with the recent price momentum and increased call option activity. The combination of technical and options data suggests continued investor interest.
The stock’s recent outperformance versus major indices reflects growing confidence in cryptocurrency mining operations. Production of 477 bitcoins in August demonstrates the company’s operational capabilities during a period of market recovery.
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