Investors looking for Bitcoin mining companies to pour their money into may want to consider Riot Platforms, Inc. based on the recommendation of Zacks.
Zacks Bets on Riot Platforms
The endorsement of Zacks Equity Research was grounded on the Momentum Style Score of A it gave to Riot Platforms in its latest assessment. This metric complements its signature ranking system, which measures a stock’s recent trend.
Momentum investing is not your typical trading strategy wherein you buy low and sell high in long positions. Instead, it involves buying high with an expectation of selling it higher. The concept follows a course mapped on past movements of the stock to decide the timing of trades. This technique can be very tricky but Zacks has devised a solution that works in most instances. Supplementing this rating is the “Buy” signal its research team gave to Riot.
Zack commended Riot for outperforming the market based on its gains. It said investors should look at the 20-day average of the stock to appreciate its price-to-volume baseline, indicating its rise with above-average volume. Then, the analytics firm noted the company is showing an average of 24.993 million shares in the past 20 days as of its press time.
Zacks also praised how Riot shares were up by 14.96% in the weekly chart while its Technology Services industry lagged by 0.57%. Additionally, the monthly numbers of the Bitcoin miner trumped the industry’s performance with a 52.8% price change compared to the latter’s 2.76%.
Further solidifying its claim was how Riot has beaten the S&P 500 in its past quarter and last year’s performance at 46.98% and 277.8%, respectively, in contrast to the latter’s 3.68% and 17.87%.
Riot Platforms Stock Status
Riot Platforms closed at $14.07 on Tuesday hours past Zacks’ report, showing just a 0.32% gain in the daily chart as it only gained five cents from the previous close after going back and forth from $13.80 to $14.28. The average traded volume during that instance was 26.33 million while the market cap was set at $2.90 billion. Some analysts credited the underperformance of the stock to the recent decline in Bitcoin’s value.
Riot displayed a drop of 8.67% on the five-day chart but was significantly up by 43.67% when zooming out on the monthly metrics. What’s more, it’s currently 317% above year-to-date (YTD).
Disclaimer
Do note that the recommendation of Zacks does not necessarily mean investment advice coming from the author of this article or Blockzeit. Use only the information gathered here as part of your research when crafting your investment strategy because there may be details either inadvertently or deliberately overlooked by the analysts. Exercise due diligence at all times to optimize your trades.