Why Riot Platforms Stock Tumbled Today
A new research report from a prominent bank shined a harsh light on Riot Platforms (NASDAQ: RIOT) Wednesday. The company, a Bitcoin miner, saw its share price erode by nearly 8% as a result. That performance contrasted unfavorably with that of the S 500 index, which was in positive territory with a 0.4% rise.
That morning, a team of analysts at JPMorgan Chase initiated coverage of a set of Bitcoin mining stocks, among which was Riot Platforms. The other segment titles now being tracked by the bank are Marathon Digital, Cipher Mining, and CleanSpark.
Those prognosticators aren't exactly bullish on the segment. Of the quartet of stocks, it ranked only CleanSpark as an overweight (buy, in other words). They believe Riot Platforms and Marathon Digital are both worthy only of underweight (sell) recommendations, while they were on the fence and did not provide a recommendation for Cipher Mining.
Source Fool.com
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