The Chart of the Day belongs to the Bitcoin miner Riot Platforms (RIOT) formerly know as Riot Blockchain . I found the stock by using Barchart's powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on 7/3 the stock gained 53.03%.
Riot Platforms, Inc., together with its subsidiaries, operates as a bitcoin mining company in North America. It operates through Bitcoin Mining, Data Center Hosting, and Engineering segments. The company also provides co-location services for institutional-scale bitcoin mining companies; and critical infrastructure and workforce for institutional-scale miners to deploy and operate their miners. In addition, it engages in the design and manufacturing of power distribution equipment and custom engineered electrical products; electricity distribution product design, manufacture, and installation services primarily focused on large-scale commercial and governmental customers, as well as a range of markets, including data center, power generation, utility, water, industrial, and alternative energy; operation of data centers; and maintenance/management of computing capacity. The company was formerly known as Riot Blockchain, Inc. Riot Platforms, Inc. was incorporated in 1998 and is based in Castle Rock, Colorado.
Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Barchart Technical Indicators:
- 100% technical buy signals
- 89.99+ Weighted Alpha
- 308.32% gain in the last year
- Trend Seeker buy signal
- Above its 20, 50 and 100 day moving averages
- 15 new highs and up 86.20% in the last month
- Relative Strength Index 85.60%
- Technical support level at $17.05
- Recently traded at $20.32 with 50 day moving average of $11.92
Fundamental Factors:
- Market Cap $3.14 billion
- Revenue projected to grow 44.10% this year and increase again by 39.30% next year
- Earnings estimated to increase by 73.70% this year, an additional 22.90% next year and continue to compound upward at an annual rate of 20.00% for the next 5 years
Analysts and Investor Sentiment -- I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:
- Wall Street analyst gave 3 strong buy, 6 buy, and 1 hold opinions on the stock
- The individual investors on Motley Fool are high on the stock and voted 104 to 79 for the stock to beat the market with the more experienced investors voting 8 to 39 for a different result
- Value Line ranks the stock an average 3
- CFRAs MarketScope rates it a hold
- 56,240 investors monitor the stock on Seeking Alpha and have a consensus price target of 14.19 for a 30+% loss
Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in the next 72 hours.
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least on a weekly basis.
On the date of publication, Jim Van Meerten did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
