Here's How Riot Platforms Stock Gained 20% Last Month
Shares of Riot Platforms (NASDAQ: RIOT) rose 19.7% in April 2023, according to data from S&P Global Market Intelligence. The Bitcoin (CRYPTO: BTC) mining specialist essentially amplified the swings in Bitcoin prices until April 25, where a bullish analyst review gave this stock a second wind. Bitcoin prices closed the month just 4.2% higher.
B. Riley analyst Lucas Pipes lifted his price target on Riot Platforms from $8 to $12 per share. The firm reiterated its buy rating on this stock, which means that B. Riley encourages its customers to pick up some shares in the current market environment.
Supporting this analysis, B. Riley expects Bitcoin prices to dip slightly in 2023, followed by a 35% jump next year. If these Bitcoin targets turn out to be accurate, Riot's collection of 7,072 Bitcoin tokens should gain roughly $69 million in market value over the next year and a half.
Source Fool.com
