Riot Platforms is a Bitcoin mining company whose stock has emerged with a positive outlook in the near future, suggesting its likely revival. The firm is expected to unveil third-quarter results for 2024 on October 30. Riot’s stock price has been up nearly 3% over the past day, according to TradingView data, suggesting optimism among shareholders ahead of the earnings announcement set to follow market close at 4:00 PM EST.
Year to date it has been down by 28.96% but taking a look at the past year, Riot’s stocks are up 13.91%. It is expected that the company will record a third-quarter per-share loss of $0.16 and projected revenues of $95.35 million. When writing this, Riot’s shares were at $10.87;
Apparently, this market performance points to recovery signs in Riot shares lately. The stock is over its five, 20, and 50-day exponential moving averages which show that the stock has continuously been moving upwards. Also, MACD holds a positive 0.73 at Riot which indicates moving average convergence divergence, a bullish signal. But, the RSI of the Riot stock at 73.07 puts the stock in the overbought area and hence may experience some extreme range soon.
Riot Shares Align with Broader Crypto Mining Sector Trends
The rise in Riot shares also seems to align with other stocks within the cryptocurrency mining niche, as similar experiences have been evident with other crypto-mining companies.
In anticipation of the Q3 report, Riot has reminded stakeholders on its X account (formerly Twitter) of its conference call scheduled for 4:30 PM EST on October 30. The company’s last earnings release for Q2 2024 put total revenue at $70 million, which was slightly down from the $76.7 million of Q2 2023. The decline was led by a decrease in engineering revenue of $9.7 million coupled with an increase in Bitcoin mining revenue of $6 million.
Reminder: Riot’s Q3 2024 earnings conference call is tomorrow, Wednesday, October 30, 2024, at 4:30 PM EST!
🖥 For the audio-only webcast, register here: https://t.co/YOrtZ57wgo.
📞 To dial in from the U.S. or internationally, register here: https://t.co/yNuMCbHmKX.
— Riot Platforms, Inc. (@RiotPlatforms) October 29, 2024
Established in 2000, Riot Platforms runs Bitcoin mining facilities in Texas and Kentucky as well as engineering and fabrication centers in Denver Colorado. In the past year, the company maintained a vertically integrated strategy that would enhance efficiency in the process of Bitcoin mining and the establishment of elaborate digital infrastructure.
In this environment, Riot shareholders will be waiting for earnings releases to find out whether the company is achieving steady growth in revenue and share price as the Bitcoin mining industry continues to transform.
This news is republished from another source. You can check the original article here
