Experts believe that Riot blockchain stock (NYSE: RIOT) will do nothing but increase in value in the coming weeks. Riot, a bitcoin mining company, recently had a banner valuation, which is contributing to the belief that the stock is one worth adding to a diverse and hearty portfolio.
Let’s take a look at what we can expect from this promising stock in the weeks to come.
RIOT Blockchain Stock: What Do The Experts Say?
As of this writing, RIOT blockchain stock closed at $13.91 and is up $1.56 during pre-market trading. According to Investors Observer, that means that the stock is up by more than 11% from last week.
“RIOT has a roughly average overall score of 62 meaning the stock holds a better value than 62% of stocks at its current price,” they report. “The overall score is a great starting point for investors that are beginning to evaluate a stock. RIOT gets an average Short-Term Technical score of 60 from InvestorsObserver’s proprietary ranking system.”
While it may seem that RIOT is not one of the more valuable stocks due to its low price, the opposite is true: in the long term, it’s actually a great investment. And this is something that we’ve said in the past, as well. It even holds up against other valuable cryptocurrency mining companies, such as the Marathon Patent Group (NYSE: MARA).
But will RIOT blockchain stock be valuable in the future, too?
A Billion Dollar Valuation
On the same day that RIOT blockchain stock closed at 11% higher than its previous price, Yahoo Finance reports that the stock reached a valuation of over $1 billion.
“Riot has issued nearly 17 million shares since November, with a total of 67.5 million shares outstanding,” they report. “Riot has aggressively expanded the size and sophistication of its mining operations in 2020, including a planned pilot project in Texas to test water immersion cooling technology in addition to purchasing over 31,000 new ASIC mining machines this year.
Riot pivoted its business model from biotech to bitcoin mining in October 2017 when the company’s value was less than $50 million.”
It seems like the pivot was good for business, and for this reason, we’re definitely bullish about RIOT blockchain stock.