Riot Platforms stock rating downgraded to Neutral by JPMorgan

Investing.com - JPMorgan downgraded Riot Platforms (NASDAQ:RIOT) from Overweight to Neutral on Monday, while raising its price target to $15.00 from $14.00. The crypto mining company, currently valued at $5.19 billion, has shown impressive revenue growth of 60% over the last twelve months.

The downgrade comes as Riot Platforms has outperformed both bitcoin and the broader mining sector, with RIOT shares gaining 42% compared to bitcoin’s 20% rise and the CoinShares Bitcoin Mining ETF’s 20% increase. According to InvestingPro data, the stock’s technical indicators suggest it’s in overbought territory, with a notably high beta of 4.58 indicating significant volatility.

JPMorgan noted that Riot’s valuation "seems a little stretched" at current levels and likely requires either a high-performance computing (HPC) deal or further bitcoin price appreciation to justify additional upside. InvestingPro analysis reveals 15+ additional key insights about Riot’s valuation and growth prospects, available exclusively to subscribers.

The firm acknowledged Riot’s potential to serve HPC clients in the future, which could provide a new revenue stream beyond bitcoin mining operations.

However, JPMorgan indicated that the timeline for Riot to announce such an HPC deal "remains uncertain," contributing to the more cautious rating despite the slightly higher price target.

In other recent news, Riot Platforms reported producing 450 Bitcoin in June 2025, a decrease of 12% from May’s production of 514 Bitcoin. However, this June’s output still marked a significant 76% increase compared to June 2024. BTIG has reiterated a Buy rating on Riot Platforms, highlighting the company’s strong power infrastructure portfolio and its potential in the high-performance computing market. Riot’s Corsicana facility, which currently has 400MW active with an additional 600MW expected later this year, is noted as a key asset. Needham also raised its price target for Riot Platforms from $12 to $15, maintaining a Buy rating, and emphasized the attractiveness of the Corsicana site.

Meanwhile, Intellistake Technologies appointed Mario Casiraghi to its advisory board. Casiraghi, who is also the CFO at SingularityNET Foundation, brings extensive experience from both traditional finance and the digital asset ecosystem. This strategic move aims to bridge the gap between traditional finance and digital asset markets.

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