- NASDAQ:RIOT adds 0.96% on Wednesday amidst another choppy day for the NASDAQ.
- Bitcoin surges back over $50,000 as bullish rebound continues after recent correction.
- Wall Street analyst reiterates rating ahead of Riot’s next earnings call.
NASDAQ:RIOT has extended its rebound following the recent cryptocurrency correction and was one of many stocks in the crypto mining industry that outpaced the broader markets. On Wednesday, shares managed to gain 0.96% to close the trading session at $49.57, even as the tech-heavy NASDAQ index continued its recent slide losing a further 2.70% on the day. The move puts Riot firmly back ahead of its 50-day and 200-day moving averages as the stock hit an intraday high of $55.28, before closing the day lower.
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Not surprisingly, the main catalyst for Riot’s move was the ever-volatile price of Bitcoin, the main cryptocurrency that Riot mines. Riot’s stock was already up nearly 14% pre-market as the crypto markets surged through the overnight session, investors anticipated getting in on other crypto stocks early in the day. Broader market volatility and the extended NASDAQ selloff, caused Riot to lose most of its gains by the end of the trading day. With more institutional investors coming around on the scarcity and value of the digital asset, companies like Riot have thrived alongside in the equities market.
RIOT stock forecast
Ahead of its upcoming earnings report at the end of March, Riot has been able to maintain a buy rating from an analyst at H.C. Wainwright. Early Wall Street estimates have Riot recording revenues in the area of $3.6 millon, which is up a stellar 200% year-over-year. While the company has yet to be profitable, investors may see that its losses are getting smaller each quarter, and with the rising price of Bitcoin, could see Riot as a viable way to play the crypto market.