Shares of Riot Platforms Inc (NASDAQ:RIOT) is trading lower on Friday morning. Shares are falling despite the company late Thursday reporting impressive third-quarter financial results that exceeded Wall Street expectations.
What you need to know: The Bitcoin (CRYPTO: BTC) miner reported quarterly revenue of $180.2 million, beating analyst estimates of $172.6 million. Earnings came in at 26 cents per share, which also exceeded the consensus forecast of 21 cents per share. Operationally, the company increased its Bitcoin production to 1,406 BTC, compared to 1,104 in the same period last year.
Aside from the strong profits, CEO Jason Les has articulated a strategic change, stating that Bitcoin mining is now seen as a ‘means to an end’. The company plans to leverage its energy infrastructure and cash flow to aggressively expand into the data center business, targeting the fast-growing AI and high-performance computing sectors.
Following the report, analyst firm Needham reiterated its buy rating on Riot and raised its price target from $19 to $28, signaling confidence in the company’s new strategic direction and financial performance.
Benzinga Edge Rankings: According to Benzinga Edge Rankings, Riot Platforms has a very strong Momentum score of 96.05.
Also read: Nvidia’s $500 billion dream appears to be a reality – and Goldman is more bullish than ever
How to buy RIOT stock
By now, you’re probably curious about how you can participate in the Riot Platforms market – whether that means buying shares or even trying to bet against the company.
Buying shares is usually done through a securities account. A list of possible trading platforms can be found here. Many allow you to purchase “fractional shares,” which allow you to own portions of the stock without purchasing an entire share.
In the case of Riot Platforms, which is trading at $20.36 at the time of publication, $100 could buy you 4.91 shares.
If you want to bet against a company, the process is more complex. You’ll need access to an options trading platform, or a broker that allows you to short a share of the stock by lending you the stock to sell. The process of shorting a stock can be found on this resource. Otherwise, if your broker allows you to trade options, you can buy a put option, or sell a call option at a strike price higher than where the stock is currently trading. Either way, you can benefit from the stock price drop.
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