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Investing.com - BTIG has reiterated a Buy rating and $22.00 price target on Riot Platforms (NASDAQ:RIOT), citing the company’s power infrastructure portfolio and potential in the high-performance computing (HPC) market. The stock has shown strong momentum with an 8% gain over the past week, and analyst targets range from $11 to $25, according to InvestingPro data.
BTIG notes that Riot was an early adopter of leading with power infrastructure since acquiring Whinstone (currently 700MW) in 2021. The company’s Corsicana facility now has 400MW active with another 600MW scheduled to come online later this year, making it the "crown jewel" of Riot’s power infrastructure portfolio. With revenue growth of 60% in the last twelve months and analysts forecasting continued expansion, the company’s infrastructure investments appear to be paying off.
The research firm highlights that while Riot built its power infrastructure to mine Bitcoin, accelerating demand for electricity access for HPC/AI data centers has created new opportunities for the company, which owns approximately 1.7GW of permitted power outside Dallas and Austin.
Despite being "behind the curve" compared to other Bitcoin miners pursuing HPC opportunities, Riot didn’t officially announce plans to develop 600MW of capacity at Corsicana for HPC until January 2025.
BTIG concludes that while Riot wasn’t the first Bitcoin miner to pivot to HPC, its two large-scale locations in Texas give it "the potential to be one of the biggest HPC co-location providers of the BTC miners." According to InvestingPro, Riot maintains a healthy current ratio of 3.23 and operates with moderate debt levels, providing financial flexibility for its expansion plans. For deeper insights into Riot’s financial health and growth prospects, including 15+ additional ProTips and comprehensive valuation analysis, check out the full Pro Research Report available on InvestingPro.
In other recent news, Riot Platforms reported its June 2025 production results, mining 450 bitcoin, which marked a 12% decrease from the previous month but a 76% increase compared to June 2024. The company sold 397 bitcoin in June, generating net proceeds of $41.7 million at an average price of $105,071 per bitcoin. Riot maintained its deployed hash rate at 35.5 EH/s, with its average operating hash rate showing significant year-over-year growth. Additionally, Riot earned $5.6 million in power credits, which helped offset power costs. In analyst developments, Needham raised its price target for Riot Platforms to $15 from $12, citing the attractiveness of its Corsicana site. Northland also reiterated its Outperform rating for Riot, maintaining a price target of $15. Riot Platforms is focusing on expanding its data center capabilities, with strategic hires and plans to leverage its assets beyond Bitcoin mining. These developments highlight Riot’s ongoing strategic shifts and operational adjustments in the evolving cryptocurrency landscape.
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