Riot Platforms selloff a buying opportunity, says H.C. Wainwright

H.C. Wainwright recommends using the post-earnings selloff in shares of Riot Platforms (RIOT) as a buying opportunity. Investor sentiment should shift positive after operational improvements are realized, the analyst tells investors in a research note. The firm says Riot reported mixed Q3 results and lowered its hash rate outlook for both 2024 and 2025, which should put pressure on the shares today. H.C. Wainwright believes the shares “have reached an important inflection point” after underperforming the group in 2024. Riot’s “rapid growth” in deployed capacity over the past couple of quarters paired with recent improvements in operational efficiency will reward shareholders in the coming quarters, it contends. The firm reiterates a Buy rating on Riot Platforms with a $17 price target