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Needham raised its price target on Riot Platforms (NASDAQ:RIOT) to $15.00 from $12.00 on Tuesday, while maintaining a Buy rating on the cryptocurrency mining company’s stock. The new target represents roughly 47% upside from the current price of $10.17. According to InvestingPro data, analyst targets for RIOT range from $9 to $22, with the stock showing strong momentum over the past three months.
The research firm cited the attractiveness of Riot’s Corsicana site as a key factor in the increased valuation. Needham described the Corsicana facility as "one of the most attractive HPC sites in our universe," noting its 1GW total capacity with 600MW gross NT and approximately 440MW critical IT power. The company’s strong balance sheet supports this expansion, with InvestingPro showing a healthy current ratio of 3.23 and liquid assets exceeding short-term obligations.
The site’s location near Dallas provides strategic advantages for high-performance computing (HPC) workloads, particularly for inference processing that requires sub-5ms round trip latency to major cities. Needham highlighted additional benefits including fiber connectivity, water access, and more than 630 acres of available land.
Riot management is "laser focused on transitioning to HPC," according to Needham, which expects advanced discussions with prospective tenants to begin in the second half of 2025. The earliest a lease agreement might materialize would be in the first half of 2026.
While Needham estimates a potential Corsicana lease could contribute $12-16 to Riot’s share price, the firm stated it is not currently modeling such a lease in its projections, instead raising the price target based on "a higher multiple." For deeper insights into RIOT’s valuation and growth prospects, including 12 additional ProTips and comprehensive financial analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Riot Platforms reported mining 463 Bitcoin in April 2025, marking a 23% increase from April 2024 but a 13% decrease from March 2025. The company sold 475 Bitcoin, generating $38.8 million in net proceeds, with an average price of $81,731 per Bitcoin, to support growth and operations. Riot’s hash rate capacity remained at 33.7 exahashes per second, showing a 168% increase from the previous year. Additionally, Riot Platforms appointed Jonathan Gibbs as Chief Data Center Officer to lead the development of its new data center platform aimed at diversifying revenue streams. Northland analysts reiterated an Outperform rating for Riot Platforms, maintaining a $15.00 price target, following the strategic hire of Gibbs. Riot’s expansion efforts include acquiring tangible assets from Rhodium, such as 125 MW of power capacity, and exiting the Bitcoin mining hosting business. The company is also recruiting for various positions to support its ongoing growth. These developments highlight Riot’s strategic moves to bolster its operations and expand beyond Bitcoin mining.
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