In a report released today, Kevin Dede from H.C. Wainwright reiterated a Buy rating on Riot Blockchain Inc (NASDAQ: RIOT), with a price target of $10. The company’s shares closed yesterday at $4.87, close to its 52-week low of $3.08.
Dede said:
“We expect more information in short order as Riot should deliver its full June quarter report on or before the mid-August SEC deadline—as yet, it is uncertain whether Riot may host a public conference call. Riot’s trading operation we think should help bifurcate Riot’s stock trading action from the trends in bitcoin pricing. Clearly time is the determining factor of our postulate here, but in meantime, bitcoin pressure appears to be weighing on Riot’s share price while short interest appears to have climbed through the quarter, up about 43% to 3.35M shares at the end of the end of March, according to FactSet (FDS; not rated).”
According to TipRanks.com, Dede has currently no stars on a ranking scale of 0-5 stars, with an average return of -11.0% and a 37.3% success rate. Dede covers the Consumer Goods sector, focusing on stocks such as Top Image Systems, Microvision, and SuperCom.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Riot Blockchain Inc with a $10 average price target.
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Based on Riot Blockchain Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $16.35 million. In comparison, last year the company had a GAAP net loss of $1.31 million.
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Riot Blockchain, Inc. engages in the provision of investment services to the blockchain ecosystem as well as manufacturing in-vitro substances. Its portfolio includes Verady, Coinsquare, and Tesspay. The company was founded on July 24, 2000 and is headquartered in Castle Rock, CO.
