BTIG Remains Bullish on Riot Platforms (RIOT)

Riot Platforms, Inc. (NASDAQ:RIOT) is one of the top bitcoin mining stocks to buy amid bitcoin hike. In a report released on July 15, Gregory Lewis from BTIG reiterated a Buy rating on Riot Platforms, Inc. (NASDAQ:RIOT) with a price target of $22.00.

Riot Platforms, Inc. (NASDAQ:RIOT) mined 450 bitcoin in June, which also represented the beginning of ERCOT’s Four Coincident Peak (“4CP”) program.

Jason Les, CEO of Riot Platforms, Inc. (NASDAQ:RIOT), stated that the company’s power strategy encompasses “economic curtailment and voluntary participation in the 4CP and other demand response programs” and significantly contributes to grid stability, bolstering the company’s competitive positioning.

Riot Platforms (NASDAQ:RIOT) is a Bitcoin mining and digital infrastructure company. It operates Bitcoin mining operations in Kentucky and central Texas, along with electrical switchgear engineering and fabrication operations in Denver. The company is divided into two segments: Bitcoin Mining and Engineering.

The Bitcoin Mining segment undertakes Bitcoin mining activities, while the Engineering segment manufactures and designs power distribution equipment and custom-engineered electrical products. The Engineering segment also provides manufacturing, electricity distribution product design, manufacturing, and installation services primarily focused on large-scale governmental and commercial customers.

While we acknowledge the potential of RIOT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.