Overview
- Arete Research initiated coverage with a Buy rating and a $26 price target, the highest among analysts tracking the stock.
- Riot shares rose about 7% to $18.27 in Wednesday trading after touching an intraday high of $20.13, with gains supported by a modest Bitcoin rise.
- The company reported August production of 477 Bitcoin, up roughly 48% year over year, and ended the month holding 19,309 Bitcoin.
- Riot highlights electricity costs near 2.6 cents per kWh, which analysts cite as a key cost advantage for its mining operations.
- Coverage also notes ongoing risks including a negative net margin and about $989 million in liabilities, while market chatter about leasing data‑center capacity remains unconfirmed.