Riot Platforms, Inc. (NASDAQ:RIOT) shares are trading higher Wednesday. Piper Sandler highlighted Riot as one of the firm’s favorite stocks heading into upcoming earnings.
- Riot Platforms stock is showing upward movement. What’s driving RIOT shares up?
What Does Piper Sandler See In Riot?
Piper Sandler, which has a price target of $26 on Riot, released a fresh note, calling the stock a “sleeping giant” relative to peers.
The analyst pointed to Riot’s position among Bitcoin (CRYPTO: BTC) miners, highlighting the company’s artificial intelligence and high-performance computing compatible data center assets.
Riot controls a combined 1.7 gigawatts of gross power capacity across two sites in Texas, which the analyst described as among the most attractive AI and HPC-ready sites still available on the market.
“Don’t expect these sites to be on the market for long. We expect RIOT to announce an AI/HPC deal very soon and will be listening for incremental color on the company’s 4Q25 earnings call,” the analyst wrote in the note.
“We believe a deal announcement could drive significant outperformance relative to bitcoin miner peers.”
Piper Sandler’s $26 price target represents 55% upside to Tuesday’s closing price. Shares were up more than 2.5% on Wednesday at last check.
Riot Platforms is due to report earnings for the fourth quarter near the end of February. Analysts currently expect the company to report a loss of 14 cents per share and revenue of $164.94 million, per Benzinga Pro.
Riot Shares Rise In Early Trading
RIOT Price Action: At the time of writing, Riot shares are trading 2.69% higher at $17.20, according to data from Benzinga Pro. Riot shares have gained approximately 27.5% over the past year and have rallied more than 30% in just the last month.
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