In a report released today, Kevin Dede from H.C. Wainwright maintained a Buy rating on Riot Blockchain Inc (RIOT), with a price target of $5. The company’s shares closed yesterday at $4.20.
Dede wrote:
“We see that sequential trend as apparently reflective of bitcoin pricing trends at the end of the year, a circumstance that appears to have completely reversed through the early part of 2019; bitcoin traded in the neighborhood of $4,941 yesterday, up from approximately $3,735 at the beginning of the year, an increase of more than 30% year- to-date. Most importantly, two things rise above all else in our view of Riot’s opportunity: (1) bitcoin’s price appears to have stabilized and is on the rise again, suggesting our $6,000 to $7,000 pricing assumption by year-end FY19 may not be overly aggressive; and (2) Riot’s march toward opening its long-awaited crypto trading platform remains a clear corporate strategic target, and could happen prior to the end of the summer this year.”
According to TipRanks.com, Dede is ranked 0 out of 5 stars with an average return of -10.7% and a 35.7% success rate. Dede covers the Consumer Goods sector, focusing on stocks such as Top Image Systems, Microvision, and Resonant.
Currently, the analyst consensus on Riot Blockchain Inc is a Moderate Buy with an average price target of $5.
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Based on Riot Blockchain Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $11.41 million. In comparison, last year the company had a GAAP net loss of $16.35 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.
