Yesterday, Riot Platforms, Inc. (RIOT), which operated as Riot Blockchain, Inc. until the end of last year, reported record results for the previous fiscal with improvement in top line and losses that were remarkably less than Street expectations. However, a deeper look into the fundamentals indicates potential red flags which warrant giving the stock a wide berth for the foreseeable future.
The bitcoin-driven infrastructure platform supports the cryptocurrency ecosystem through proof-of-work mining and associated digital infrastructure. Despite losing 13.1% over the past month and 65.1% over the past year, RIOT closed the last trading session at $6.18, above its 50-day and 200-day moving averages of $5.48 and $6.04, respectively.
