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Riot Platforms (NASDAQ:RIOT), based in Castle Rock, Colorado, operates under the legal jurisdiction of Nevada and has its fiscal year end on December 31. The company's common stock is traded on the Nasdaq Capital Market under the ticker symbol RIOT. This latest development is part of the company's broader strategy within the evolving cryptocurrency market, as it seeks to consolidate its position within the digital asset space.
According to InvestingPro Fair Value analysis, the stock appears slightly undervalued at its current trading price of $12.33, with analysts setting price targets ranging from $11 to $25 per share. The company has demonstrated solid growth with revenue increasing by 19.4% over the last twelve months. According to InvestingPro Fair Value analysis, the stock appears slightly undervalued at its current trading price of $12.33, with analysts setting price targets ranging from $11 to $25 per share. The company has demonstrated solid growth with revenue increasing by 19.4% over the last twelve months.
Riot Platforms, based in Castle Rock, Colorado, operates under the legal jurisdiction of Nevada and has its fiscal year end on December 31. The company's common stock is traded on the Nasdaq Capital Market under the ticker symbol RIOT. This latest development is part of the company's broader strategy within the evolving cryptocurrency market, as it seeks to consolidate its position within the digital asset space. According to InvestingPro Fair Value analysis, the stock appears slightly undervalued at its current trading price of $12.33, with analysts setting price targets ranging from $11 to $25 per share. The company has demonstrated solid growth with revenue increasing by 19.4% over the last twelve months.
Riot Platforms, based in Castle Rock, Colorado, operates under the legal jurisdiction of Nevada and has its fiscal year end on December 31. The company's common stock is traded on the Nasdaq Capital Market under the ticker symbol RIOT. This latest development is part of the company's broader strategy within the evolving cryptocurrency market, as it seeks to consolidate its position within the digital asset space.
In other recent news, Riot Platforms, a cryptocurrency mining company, plans a private offering of $500 million in convertible senior notes due in 2030, with an additional option for purchasers to acquire $75 million more within a three-day window from the issue date. The notes will mature on January 15, 2030, and Riot retains the right to redeem the notes for cash in whole or in part after January 20, 2028. The conversion of the notes into cash, Riot's common stock, or a combination thereof, lies at the company's discretion.
The proceeds from this offering are intended for the acquisition of additional bitcoin and general corporate purposes. According to InvestingPro analysis, Riot Platforms is quickly burning through cash, but analysts anticipate strong revenue growth of 32% for the current year.
In other developments, Riot Platforms reported a decrease in Bitcoin production for November 2024, mining a total of 495 Bitcoin, a 2% decrease from the previous month. Despite a disappointing third-quarter earnings report, Riot Platforms maintains a Buy rating from Compass Point, H.C. Wainwright, and ATB Capital Markets.
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