The combination of a positive operational update and an analyst's subsequent price target increase lit a fire under Riot Platforms as the trading week got off to a start. The Bitcoin mining and data center development company's share price saw a significant lift by almost 11% on these factors.
A bull gets more bullish
The person behind the price target raise was Cantor Fitzgerald pundit Brett Knoblauch. Before market open on Monday, he lifted his fair value assessment on Riot's equity to $26 per share from his former $22. He maintained his overweight (read: buy) recommendation in the process.
Image source: Getty Images.
This occurred one business day after Riot published its latest monthly operational update. Across September, the company produced 445 Bitcoins, which was down from the previous month's tally of 477, but 8% higher on a year-over-year basis.
Meanwhile, it managed to sell more Bitcoins this month than in August, at totals of 465 to 450, respectively. And its total Bitcoin holdings improved dramatically when compared to those of September 2024 (19,287 versus 10,427), although this amount was down slightly from August's 19,309.
A prime site for growth
According to reports, Knoblauch feels that Riot is well positioned to improve some of these numbers. He pointed out that at one of its sites, Corsicana, it is currently building out capacity to improve its capacity for artificial intelligence (AI) and high-performance computing (HPC). The analyst added that Corsicana, in his view, is one of the best sites among all Bitcoin miners in its current coverage.
