Nucor earnings beat by $0.08, revenue fell short of estimates
In a turbulent market, RIOT Blockchain Inc. shares have tumbled to a 52-week low, with the stock price hitting $6.34. With a market capitalization of $2.25 billion and a price-to-book ratio of 0.79, InvestingPro analysis suggests the stock is currently trading below its Fair Value. This significant drop reflects a challenging period for the cryptocurrency sector, which has seen widespread volatility and regulatory scrutiny. Despite the broader market's attempts to stabilize, RIOT's performance metrics show mixed signals, with impressive revenue growth of 34.2% and a healthy current ratio of 3.74, indicating strong liquidity. InvestingPro has identified 15 additional key factors affecting RIOT's outlook, available in the comprehensive Pro Research Report covering 1,400+ top US stocks.
In other recent news, Riot Platforms (NASDAQ:RIOT) reported a record Bitcoin production of 533 units in March, marking a 13% increase from February and a 25% rise from the previous year. The company's revenue from Bitcoin mining was estimated at $45.4 million in March, slightly up from $45.1 million in February, based on an average Bitcoin price of $85,159. Riot's operational capacity also improved, with the deployed hash rate increasing marginally from 33.6 EH/s in February to 33.7 EH/s in March. Despite these gains, the company experienced a significant reduction in power credits, decreasing by 92% from February.
Cantor Fitzgerald recently adjusted its price target for Riot Platforms, lowering it from $21 to $18 while maintaining an Overweight rating. This decision came after Riot's announcement of increased Bitcoin mining production and operational improvements. Additionally, Riot Platforms entered a term sheet to acquire assets from Rhodium, resolving a costly legal dispute and potentially saving the company $90 million over six years. This settlement is expected to enhance Riot's Bitcoin mining operations and AI/HPC development at its Rockdale facility. Riot Platforms continues to explore AI/HPC opportunities, with a feasibility study confirming the viability of its Corsicana site for such developments.
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