Movement Alert|Riot Platforms Rises 5.49% in Pre-Market Trading, Earnings Beat and Target Price Hike Support Shares

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On November 6, Riot Platforms rose 5.49% in Pre-Market Trading, trading at $15.33, with turnover of $259,500.

The move followed continued positive read-through from the company’s third-quarter results and a fresh analyst target price increase.

Riot Platforms previously reported third-quarter revenue of $181.4 million, above the $160.8 million market expectation, while EPS came in at $0.01 versus the expected loss of $0.27 per share. Net income was $4.03 million, compared with expectations for a loss. After the earnings release, Chardan raised its price target to $32 from $27.50 and maintained a Buy rating; another post-earnings target increase to $35 was also reported. The earnings backdrop also showed strong engineering revenue growth and continued progress in its data center transition.

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