Riot Stocks Anticipated to Rebound Ahead of Q3 2024 Earnings Report

Bitcoin mining company Riot is projected to recover its stock value following a 28.96% year-to-date decline. The company’s shares have shown an upward trend as the Q3 2024 earnings report release date approaches on October 30.

Stock Performance and Upcoming Earnings Report

Riot’s shares have increased by nearly 3% in the past day, according to recent data. The company is expected to publish its third-quarter 2024 earnings report after markets close at 4:00 PM EST on October 30. Despite the year-to-date decline, Riot’s stock price has risen by 13.91% over the past year, currently trading at $10.87.

Financial Expectations

Riot anticipates reporting a loss of $0.16 per share, with revenues projected at $95.35 million for Q3 2024. This comes after the company’s previous earnings report showed a total revenue of $70 million for Q2 2024, which was an 8.7% decrease compared to Q2 2023.

Technical Indicators and Market Trends

There are several indicators suggesting a potential turnaround for Riot. The stock is currently above its five, 20, and 50-day exponential moving averages, signaling a bullish trend. Moreover, the moving average convergence divergence (MACD) is positive at 0.73, and the Relative Strength Index (RSI) stands at 73.07, indicating that the stock is in overbought territory.

The rise in Riot’s stock is also reflected in other crypto mining stocks, showing a broader market trend.

Company Updates

On October 29, Riot Platforms reminded investors via its social media channels about the upcoming Q3 2024 earnings conference call, scheduled for 4:30 PM EST on October 30. The reminder emphasized the importance of the call in understanding the company’s financial health and future prospects.

Company Background

Riot is a Bitcoin mining and digital infrastructure company with a vertically integrated strategy. Founded in 2000, the company has operations in central Texas and Kentucky, along with electrical switchgear engineering and fabrication operations in Denver, Colorado.

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