Riot stock reiterated at 'overweight' after Bitcoin halving 2024

Riot Platforms Inc (NASDAQ: RIOT) gained 10% today after a JPMorgan analyst issued a bullish note in its favour. 

What could help Riot stock moving forward?

Reginald Smith agreed in a research note this morning that $RIOT is the worst-performing of all Bitcoin mining stocks that his firm covers. 

Still, the analyst reiterated his “overweight” rating on Riot stock on Monday as he expects the recently built and acquired facilities to deliver a significant bump to its hash rate moving forward. 

Smith continues to see the $2.31 billion company based out of Castle Rock, Colorado as a BTC leader following its analyst day earlier in April. 

His positive note on $RIOT arrives only days after rewards associated with mining Bitcoin were cut in half (Bitcoin halving 2024). 

$RIOT is trading at an attractive valuation

Reginald Smith remains constructive on Riot Platforms because it’s trading at a rather attractive valuation. 

Despite the surge this morning, shares of the Bitcoin mining firm are down about 45% versus their year-to-date high. The analyst also told clients in his research note today:

The other one, he’s convinced, will be CleanSpark Inc that analysts at Bernstein also expect will benefit from the recent halving event as Invezz reported here. $CLSK is currently down close to 30% versus its year-to-date high.