Up More Than 175%, Is Riot Platforms Still a Buy?
There's no disputing that Bitcoin (CRYPTO: BTC) miner Riot Platforms (NASDAQ: RIOT) has been one of the top-performing stocks of the year. Up more than 175% over the first nine months of 2023, Riot Platforms has benefited greatly from the surprising rally in Bitcoin.
However, cracks are starting to appear in the Bitcoin miner investment thesis, and that is leading to downward pressure on the price of Riot Platforms. Over the past 30 days, Riot is actually down 10%, amid a broader sell-off in Bitcoin mining stocks on Wall Street. So is Riot Platforms still a buy?
If you take a look at the underlying fundamentals of Riot Platforms, there are no obvious red flags. The company recently released its latest Bitcoin production report for September, and everything looks good. The company mined 362 Bitcoins last month, up 9% from the previous month. At the same time, the company's deployed hash rate (which measures the computational power of its mining rigs) continues to rise on a month-over-month basis.
Source Fool.com
