Is Riot Blockchain Stock a Buy Now?
Two years ago, a failed medical device maker called Bioptix abandoned its original business, ordered thousands of Bitcoin (CRYPTO: BTC) mining rigs, and rebranded itself as Riot Blockchain (NASDAQ: RIOT). At the time, it seemed like Riot was just another company trying to jump on the crowded Bitcoin and blockchain bandwagon to attract new investors.
Nevertheless, Bitcoin's soaring price and the meme stock rally subsequently propelled Riot's stock price from the single digits to nearly $78 last February. At that peak, Riot was valued at $6.1 billion -- or 29 times the $213 million in revenue it would go on to generate in 2021. But today, Riot trades at about $5 per share with a market cap of about $660 million -- less than two times the revenue it's expected to generate in 2022.
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Source Fool.com
