Riot Blockchain’s Third Quarter Net Loss Widens; Decline in shares
SBitcoin Riot Blockchain mining company hares (RIOT) fell 7.3% on Monday after the company reported a net loss of $ 15.3 million in the third quarter of 2021, larger than the net loss of $ 1.7 million recorded in the same quarter of the year last.
The company reported total revenue of $ 64.8 million, up 2,532% from the $ 2.5 million posted in the previous year quarter. Meanwhile, mining revenues rose 2,099% to $ 53.6 million.
The company reported a 482% year-over-year increase in Bitcoin production to 1,292 in the third quarter. The average Bitcoin price used to calculate Riot’s third quarter mining revenue was around $ 41,837. (See Riot stock charts on TipRanks)
As of September 30, 2021, the company had highly liquid current assets of $ 179 million. Additionally, as of October 31, 2021, Riot’s unaudited Bitcoin balance stood at 3,995 BTC, all produced by its mining operations.
Riot CEO Jason Les said, “Riot’s vertical and technology-driven integration strategy significantly reduces the risk of the company’s future growth plans. Additionally, it improves future capital efficiency, as technological improvements, such as industrial-scale immersion technologies, are systematically incorporated into future hash rate deployments. With these strengths of Riot in play, the future financial opportunities for the Company are exciting. “
The consensus among analysts is a strong buy based on 5 unanimous buys. Riot’s average price target is $ 46.60 and implies upside potential of 10.7% from current levels. The company’s shares have gained 155.4% so far this year.
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Bullish investor sentiment
TipRanks’ Stock Investors tool shows that investors currently have a very positive position on Riot with 11.9% of investors on TipRanks increasing their exposure to RIOT stocks over the past 30 days.
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