Shares of Riot Platforms Inc (NASDAQ:RIOT) are trading lower Friday morning. Shares are falling despite the company late Thursday reporting impressive third-quarter financial results that surpassed Wall Street expectations.
What To Know: The Bitcoin (CRYPTO: BTC) miner announced quarterly revenue of $180.2 million, beating analyst estimates of $172.6 million. Earnings came in at 26 cents per share, also exceeding the consensus forecast of 21 cents per share. Operationally, the company increased its Bitcoin production to 1,406 BTC, up from 1,104 in the same period last year.
Beyond the strong earnings, CEO Jason Les articulated a strategic shift, stating that Bitcoin mining is now viewed as a “means to an end.” The company plans to leverage its power infrastructure and cash flow to aggressively expand into the data center business, targeting the high-growth AI and high-performance computing sectors.
Following the report, analyst firm Needham reiterated its Buy rating on Riot and raised its price target from $19 to $28, signaling confidence in the company’s new strategic direction and financial performance.
Benzinga Edge Rankings: According to Benzinga Edge Rankings, Riot Platforms boasts a very strong Momentum score of 96.05.
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How To Buy RIOT Stock
By now you’re likely curious about how to participate in the market for Riot Platforms – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of Riot Platforms, which is trading at $20.36 as of publishing time, $100 would buy you 4.91 shares of stock.
If you’re looking to bet against a company, the process is more complex. You’ll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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