Why Riot Platforms Stock Was a Dog of an Investment Today
Sliding cryptocurrency values weren't helping the stock price of Riot Platforms (NASDAQ: RIOT) on Wednesday. This dynamic was compounded by a significant price-target cut from an analyst before trading kicked off that morning.
As a result, the Bitcoin (CRYPTO: BTC) miner's shares ended the day nearly 9% lower. That was far worse than the 1.3% decline of the S&P 500 index.
Riot, it nearly goes without saying to anyone even glancingly familiar with the company, is heavily dependent on the fortunes of Bitcoin. The value of the Bitcoin it mines goes up when the high-profile coin rises and deflates when the price goes in the opposite direction. Bitcoin isn't exactly tumbling these days but is trending slightly lower (as are other major cryptocurrencies, to be fair).
Source Fool.com
