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• Riot Platforms reported sturdy outcomes for its Q1 final week.
• HCW analyst raised his PT on Riot Platforms stock right now.
• Mike Colonnese defined his bullish view in a analysis notice.

Shares of Riot Platforms Inc have already greater than tripled this yr however an H.C. Wainwright analyst says additional upside will unravel transferring ahead.

Riot Platforms stock has upside to $13.50

On Monday, Mike Colonnese reiterated his purchase score on the bitcoin miner and raised his worth goal to $13.50 a share – up another 22% from right here.

His bullish notice on Riot Platforms stock arrives solely days after the corporate mentioned plenty of its key working metrics, together with hash fee, pushed to a report excessive in its first quarter.

With sturdy stability sheet and important runway for future mining enlargement, RIOT is properly positioned to outpace development of community hash fee over the subsequent yr.

Riot sees its combination hash fee to climb from 10.5 EH/s in Q1 to 12.5 EH/s within the again half of 2023.

Riot Platforms income was up 22% sequentially

At $73 million, the Nasdaq-listed agency got here in shy of consensus estimates for income in its lately concluded quarter.

But the HCW analyst stays constructive on Riot Platforms stock for the reason that income nonetheless represented a whopping 22% sequential development. His research note additionally mentioned:

A premium is warranted given Riot Platforms’ business main working capability, low electrical energy prices, and robust stability sheet.

Other notable figures within the firm’s earnings release embody a 51% year-on-year enhance in bitcoin produced and mining margins that greater than doubled versus the earlier quarter. Note that the bitcoin miner has already touched $13.50 (Mike Colonnese’s worth goal) as soon as this yr.