Why Riot Blockchain Soared 37.1% in November
Shares of cryptocurrency miner Riot Blockchain (NASDAQ: RIOT) soared 37.1% in November, according to data from S&P Global Market Intelligence. The company reported strong growth in its latest quarterly report and was likely buoyed by high Bitcoin prices last month.
On Nov. 15, Riot Blockchain released its quarterly results for the three months ending in September. The company, which has transitioned to becoming a full-scale Bitcoin miner, posted strong growth numbers in the period. Total revenue grew 2,500% year over year to $64.8 million, however, the company is still unprofitable, posting a net loss of $15.3 million in the period. These strong growth numbers are likely why investors got excited about Riot Blockchain stock last month. It also doesn't hurt that Bitcoin prices stayed close to all-time highs for most of the month, which will have a direct correlation to the company's fourth-quarter revenue.
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Source Fool.com
