Wednesday, February 8, 2023
Weekly Feeds
  • Home
  • Health & Fitness
  • Technology
  • Business and Finance
  • Beauty & Fashion
  • Crypto and Stocks
  • Travel & Tourism
No Result
View All Result
Weekly Feeds
  • Home
  • Health & Fitness
  • Technology
  • Business and Finance
  • Beauty & Fashion
  • Crypto and Stocks
  • Travel & Tourism
No Result
View All Result
Weekly Feeds
No Result
View All Result
Home Crypto and Stocks

RIOT: Wall Street is Bullish on These 2 Crypto Stocks: CleanSpark and Riot Blockchain

admin by admin
March 11, 2022
in Crypto and Stocks
0
RIOT: Wall Street is Bullish on These 2 Crypto Stocks: CleanSpark and Riot Blockchain
585
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter


Cryptocurrencies have been exhibiting significant volatility since the beginning of the year. The Fed’s forthcoming interest rate increases, and multi-year-high inflation are the primary reasons behind this volatility. Furthermore, the Russia-Ukraine war has also fostered volatility in cryptocurrencies. This, along with the stock market sell-offs, has led to many crypto-related stocks suffering a downtrend.

Last year was a breakout year for cryptocurrencies, which experienced significant volatility and delivered strong returns. Popular cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), steered several investors to massive profits. Due to the growing popularity and acceptability of cryptocurrencies, President Biden this week signed an executive order to examine the risks and benefits of cryptocurrencies. The order has called on Federal agencies to take a unified approach in regulating and overseeing digital assets.

You might also like

The Crypto Crowd Is Piling Into AI Stocks, a Possible Sign of a Bubble – Barron's

Argo Blockchain Shares Drop After It Denies Allegations Made in New York Lawsuit – MarketWatch

DCG sells shares in Grayscale crypto trusts in push to raise funds … – Reuters

While the near-term prospects for digital currencies look uncertain, the executive order could renew investors’ attention on crypto stocks. Indeed, Wall Street analysts are bullish on crypto stocks Riot Blockchain, Inc. (RIOT) and CleanSpark, Inc. (CLSK). So, it could be wise to add these stocks to one’s watchlist.

Riot Blockchain, Inc. (RIOT)

RIOT is involved in cryptocurrency mining and the overall blockchain system through various investments. The Castle Rock, Colo.-based company has deployed approximately 8,000 application-specific integrated circuit miners at its cryptocurrency mining facility in Oklahoma. In addition, its subsidiary Tess Inc. seeks to develop a blockchain-based escrow service for wholesale telecom carriers.

On Dec. 1, 2021, RIOT announced that it had acquired Ferrie Franzmann Industries, LLC (ESS Metron) for roughly $50 million. ESS Metron designs and produces highly engineered electrical equipment solutions that are highly useful for deploying bitcoin mining operations at scale. This acquisition is vital for RIOT because it will likely complement its ongoing infrastructure expansion to 700 MW and significantly improve its internal engineering capabilities.

RIOT’s total revenue for its fiscal third quarter, ended Sept.30, 2021, increased 2,532.3% year-over-year to $64.80 million. The company’s mining revenue grew 2,099% year-over-year to $53.60 million. In addition, its adjusted EBITDA came in at $37.57 million compared to a $0.40 million loss in the year-ago period.

Analysts expect RIOT’s EPS and revenue for its fiscal year 2021 to increase 233.3% and 1,644.5%, respectively, year-over-year to $0.40 and $210.75 million. The stock surpassed the Street’s EPS estimates in three of the trailing four quarters. And over the past year, the stock has declined 70.7% in price to close the last trading session at $16.51. However, Wall Street analysts expect the stock to hit $44.75 in the near term, indicating a potential 171% upside.

CleanSpark, Inc. (CLSK)

CLSK in Woods Cross, Utah, provides bitcoin mining and energy technology solutions worldwide. The company provides software and technology solutions that are focused on solving modern energy challenges. It operates in the Digital Currency Mining and Energy segments. The Digital Currency Mining segment mines for bitcoin, while the Energy segment provides engineering, design and software, custom hardware, and other solutions for microgrids and distributed energy systems to military, commercial, and residential customers.

On Oct. 12, 2021, CLSK announced the purchase of 4,500 units of Antminer S19 bitcoin mining machine, partially funded through its bitcoin holdings. According to CLSK, its sustainable bitcoin mining capacity will increase by a computing power of 450 PH/S, equivalent to its current capacity, after the new machines are operational. New mining machines should help the company increase its revenues. CEO of CLSK Zach Bradford said, “By making a conscious effort to reinvest in additional production, we are taking a market-based approach to our mining operations and maximizing value for our shareholders.”

For its fiscal first quarter, ended Dec. 31, 2021, CLSK’s revenues increased 1,726.8% year-over-year to $41.24 million. The company’s adjusted EBITDA came in at $24.10 million, compared to a $2.74 million adjusted EBITDA loss in the year-ago period. Also, its net income came in at $14.48 million, compared to a $7.16 million net loss in the year-ago period.

For its fiscal year 2022, CLSK’s EPS and revenue are expected to increase 277.3% and 269.5%, respectively, year-over-year to $1.33 and $182.65 million. And over the past year, the stock has gained 58.8% in price to close the last trading session at $11.09. However, Wall Street analysts expect the stock to hit $23 in the near term, indicating a potential 107.4% upside.


RIOT shares were trading at $15.87 per share on Friday morning, down $0.64 (-3.88%). Year-to-date, RIOT has declined -28.93%, versus a -10.34% rise in the benchmark S&P 500 index during the same period.

About the Author: Dipanjan Banchur

Since he was in grade school, Dipanjan was interested in the stock market. This led to him obtaining a master’s degree in Finance and Accounting. Currently, as an investment analyst and financial journalist, Dipanjan has a strong interest in reading and analyzing emerging trends in financial markets. More…

More Resources for the Stocks in this Article



Source link

Tags: commentaryRIOTRiot Blockchain Inc.Technology - Services
Previous Post

C$ rallies as jobs surge raises bets on 50 basis points hike

Next Post

Say ‘no’ to exploitative animal tourism and ‘yes’ to supporting wildlife

admin

admin

Related Posts

45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Crypto and Stocks

The Crypto Crowd Is Piling Into AI Stocks, a Possible Sign of a Bubble – Barron's

by admin
February 8, 2023
45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Crypto and Stocks

Argo Blockchain Shares Drop After It Denies Allegations Made in New York Lawsuit – MarketWatch

by admin
February 8, 2023
45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Crypto and Stocks

DCG sells shares in Grayscale crypto trusts in push to raise funds … – Reuters

by admin
February 8, 2023
45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Crypto and Stocks

What Is A Central Bank Digital Currency? – Forbes Advisor UK – Forbes

by admin
February 7, 2023
45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Crypto and Stocks

CRYPTO CO : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Submission of Matt – Marketscreener.com

by admin
February 8, 2023
Next Post
Say ‘no’ to exploitative animal tourism and ‘yes’ to supporting wildlife

Say 'no' to exploitative animal tourism and 'yes' to supporting wildlife

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Watch: Astronomers capture giant star’s death throes

Watch: Astronomers capture giant star’s death throes

January 7, 2022
Tourism boost for Wicklow as county features in popular US travel show

Tourism boost for Wicklow as county features in popular US travel show

February 2, 2022

Categories

  • Beauty & Fashion
  • Business and Finance
  • Crypto and Stocks
  • Health & Fitness
  • Technology
  • Travel & Tourism

Don't miss it

45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Business and Finance

UK banks to take action on trade finance fraud in new ICC-led project – Global Trade Review (GTR)

February 8, 2023
45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Beauty & Fashion

Beauty road test: do Australian makeup brands wear better in challenging climates? – The Guardian

February 8, 2023
45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Technology

Prophix Recognized as a Leader in the 2023 Nucleus Research … – PR Newswire

February 8, 2023
45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Crypto and Stocks

The Crypto Crowd Is Piling Into AI Stocks, a Possible Sign of a Bubble – Barron's

February 8, 2023
45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Travel & Tourism

VisaGuide – China: Tourism-Related Job Openings Soar After … – VisaGuide.World

February 8, 2023
45th Gasparilla Distance Classic will bring thousands of runners to downtown Tampa – thatssotampa.com
Health & Fitness

The absurd stigma around seeking mental health advice in India – mid-day.com

February 8, 2023
  • UK banks to take action on trade finance fraud in new ICC-led project – Global Trade Review (GTR)
  • Beauty road test: do Australian makeup brands wear better in challenging climates? – The Guardian
  • Prophix Recognized as a Leader in the 2023 Nucleus Research … – PR Newswire
  • The Crypto Crowd Is Piling Into AI Stocks, a Possible Sign of a Bubble – Barron's
  • VisaGuide – China: Tourism-Related Job Openings Soar After … – VisaGuide.World

Categories

  • Beauty & Fashion (2,314)
  • Business and Finance (2,318)
  • Crypto and Stocks (2,316)
  • Health & Fitness (2,311)
  • Technology (2,315)
  • Travel & Tourism (2,255)

AMERS apmediaapi ASIA ASXPAC BACT BISV BISV08 BNKS BNKS1 BSVC business CEEU CEN CMPNY coronavirus covid-19 pandemic dcc diseases and conditions EMRG EUROP FIN FINS FINS08 GEN general news government and politics health infectious diseases INVBIS INVS08 lung disease MCE NAMER NEWS1 POL PUBL public health social affairs social issues Technology TOPNWS travel US WEU wire

© 2022 Weekly Feeds - All right reserved.

No Result
View All Result
  • Home
  • Health & Fitness
  • Technology
  • Business and Finance
  • Beauty & Fashion
  • Crypto and Stocks
  • Travel & Tourism

© 2022 Weekly Feeds - All right reserved.