The Vanguard Group, Inc. recently announced the acquisition of new stake in Riot Platforms Inc (NASDAQ:RIOT). The institutional investor has increased its shareholding in the Financial company by 7.42% to 18.84 million shares with purchase of 1.3 million shares. This fresh investment now brings its stake to 9.12% valued currently at $236.45 million. In addition, BlackRock Fund Advisors raised its holdings by 0.47 million to 11.22 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.98% or 0.15 million shares – to 5.11 million shares.
With over 44.67 million Riot Platforms Inc (RIOT) shares trading Friday and a closing price of $17.78 on the day, the dollar volume was approximately $794.15 million. The shares have shown a positive half year performance of 65.09% and its price on 12/22/23 gained nearly 6.15%. Currently, there are 206.51M common shares owned by the public and among those 196.57M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for RIOT have a consensus price objective of $18.60. The analysts have set the share’s price value over the next 12 months at a high of $22.50 and a low of $12.00. The average price target is 4.41% above its recent price level and a downside to the estimated low will see the stock lose -48.17% over that period. But an upside of 20.98% will see the stock hit the forecast high price target while median target price for the stock is $19.00.
Insiders at the company have transacted a total of 40 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 8 of these insider trades were purchases, accounting for 1,537,701 shares. Insider sales of the common stock occurred on 32 occasions, with total insider shares sold totaling 3,356,531 shares.
The top 3 mutual fund holders in Riot Platforms Inc are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 5.51 million shares of the company’s stock, all valued at over $69.14 million. The company bought an additional 7401.0 shares recently to bring their total holdings to about 2.67% of the shares outstanding. Vanguard Small Cap Index Fund bought 13975.0 shares to see its total holdings expand to 4.55 million shares valued at over $57.16 million and representing 2.21% of the shares outstanding. iShares Russell 2000 ETF bought 2040.0 shares to bring its total holdings to over 4.15 million shares at a value of $52.07 million. iShares Russell 2000 ETF now owns shares totaling to 2.01% of the shares outstanding.
However, the script later moved the day high at 18.39, up 6.15%. The company’s stock has a 5-day price change of 13.76% and 92.01% over the past three months. RIOT shares are trading 424.48% year to date (YTD), with the 12-month market performance up to 364.23% higher. It has a 12-month low price of $3.25 and touched a high of $20.65 over the same period. RIOT has an average intraday trading volume of 24.84 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 21.52%, 48.92%, and 50.10% respectively.
Institutional ownership of Riot Platforms Inc (NASDAQ: RIOT) shares accounts for 39.13% of the company’s 206.51M shares outstanding. Mutual fund holders own 15.48%, while other institutional holders and individual stakeholders account for 24.20% and 11.15% respectively.
It has a market capitalization of $3.67B and a beta (3y monthly) value of 4.30. The earnings-per-share (ttm) stands at -$1.68. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.58% over the week and 7.46% over the month.
Analysts forecast that Riot Platforms Inc (RIOT) will achieve an EPS of -$0.29 for the current quarter, -$0.25 for the next quarter and -$0.61 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.35 while analysts give the company a high EPS estimate of -$0.2. Comparatively, EPS for the current quarter was -$0.9 a year ago. Earnings per share for the fiscal year are expected to increase by 71.07%, and 16.96% over the next financial year. EPS should grow at an annualized rate of 20.00% over the next five years, compared to -2.06% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Riot Platforms Inc (RIOT) as a “Strong Buy” at a consensus score of 1.27. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 1 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RIOT, a number of firms have released research notes about the stock. JP Morgan stated their Neutral rating for the stock in a research note on December 08, 2023, with the firm’s price target at $8-$12.
