Riot Platforms, Inc. ( RIOT ) shares are on watch Wednesday as the broader markets, including the price of Bitcoin (CRYPTO: BTC), slip.

The Details:

Riot announced the acquisition of Block Mining on Tuesday, a bitcoin miner with significant power resources which can support up to 305 MW by the end of 2025. 

The acquisition also allows Riot to increase its hashrate targets to 36.3 EH/s by the end of 2024 and 56.6 EH/s by the end of 2025.

“Riot aims to solidify their position as one of the three largest U.S.-listed miners by hashrate and power pipeline,” JPMorgan analyst Reginald L. Smith emphasized in a research note. 

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Needham analyst John Todaro maintained a Buy rating on Riot, but lowered the price target from $15 to $13 ahead of the company's second-quarter earnings release on July 31. Todaro expects Riot to miss consensus estimates for revenue and adjusted EBITDA as a result of lower bitcoin production during the second quarter. 

Needham remains bullish on Riot as a whole, however. The analyst highlighted Riot's clean balance sheet with zero corporate debt, low power costs and shares trading at premium relative to its peers. 

According to data from Benzinga Pro, the analyst consensus estimate for Riot's second-quarter is quarterly revenue of $75.086 million and losses of 15 cents per share. 

Will RIOT Stock Go Up?

When trying to assess whether or not Riot Platforms ( RIOT ) will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $16.5 on Riot Platforms ( RIOT ). The Street high target is currently at $23 and the Street low target is $12. Of all the analysts covering Riot Platforms ( RIOT ), 10 have positive ratings, no one has neutral ratings and no one has negative ratings.

In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Riot Platforms ( RIOT ) have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Riot Platforms ( RIOT ) is 38.02% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Riot Platforms ( RIOT ), visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

RIOT Price Action: According to Benzinga Pro, Riot Platforms ( RIOT ) shares are up 1.1% at $11.72 at the time of publication Wednesday.

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