Cantor Fitzgerald analyst Mike Colonnese initiated coverage of Riot Blockchain Inc (NASDAQ:RIOT) with an Overweight rating and $45 price target, implying an upside of 86.5%.
- Riot is one of the largest, vertically integrated cryptocurrency mining companies in North America with 350 MW of developed bitcoin mining capacity and a deployed fleet of nearly 30,000 miners producing an aggregate hash rate of three exahash per second.
- This means the company is currently capable of mining 16-17 bitcoin per day, on average, which equates to $825,000 in daily bitcoin mining revenue.
- Colonnese believes Riot is in a "unique position" to continue to win a share of the bitcoin mining industry in 2022 and beyond.
- Riot is one of the best ways for investors to gain exposure to bitcoin without directly owning the digital asset, Colonnese notes.
- Price Action: RIOT shares traded higher by 6.24% at $24.16 on the last check Tuesday.
