Why the Market Was so Thrilled With Riot Platforms Stock This Week

A research report singing the praises of the cryptocurrency mining sector was a key impetus behind Riot Platforms' (NASDAQ: RIOT) rise over the past few stock trading sessions. The Bitcoin (CRYPTO: BTC) specialist's shares were enjoying a nearly 11% lift week to date as of Friday before market open as a result, according to data compiled by S&P Global Market Intelligence.Before market open on Wednesday, Piper Sandler prognosticator Patrick Moley published a report on Bitcoin mining companies. In his analysis, according to reports, he was particularly bullish about four of them -- Riot, Hut 8, Mara Holdings, and Canada-based Galaxy Digital. The crux of Moley's argument in favor of such operators is the promise of artificial intelligence (AI) and high-performance computing (HPC) data centers. The analyst believes that by pursuing arrangements with businesses that specialize in providing those services (rather than their traditional model of keeping their computing power in-house), these companies could boost their earnings before interest, taxes, depreciation, and amortization (EBITDA) by a factor of as much as 3 in certain cases. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool