Last week, Riot Platforms reported impressive results for its first quarter. HCW analyst Mike Colonnese raised the price target (PT) of Riot Platforms Stock today in a note of research. His bullish views were explained in the note and he said that there will be more upside in the future.
The stock price is up just days after it was announced that the company’s key operating metrics including hash rates, reached record levels in its first quarter. With a strong balance sheet, and a significant runway for future expansion in mining, Riot is well positioned to surpass the growth of network hash rates over the next 12 months. Their aggregate hash rate is expected to increase from 10.5 eH/s at the beginning of Q1 2023 to 12.5 eH/s towards the end.
In its most recent quarter, the revenue of this publicly listed firm was below consensus estimates. However, the HCW analyst is still positive on Riot Platforms Stock since the revenue represented an incredible 22% sequential increase. His research note was also called: Premiums are warranted Riot Platforms’ industry leading operating capacity, low electricity costs, and strong balance sheet.
Other notable figures in the company’s earnings release include a 51% year-on-year increase in bitcoin produced and mining margins that more than doubled versus the previous quarter. Mike Colonnese’s price target of $13.50 has the potential to be reached once this year.
