Riot stocks poised for a comeback ahead of Oct. 30 earnings release

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As a seasoned crypto investor with a knack for spotting hidden gems in the digital asset market, I find myself intrigued by Riot Platform’s current situation. Despite the 28.96% year-to-date decline, the upward trend in its stocks ahead of the Q3 2024 earnings report offers a promising glimmer of hope.

The stock price for Bitcoin mining firm Riot Blockchain is expected to rebound following a 28.96% drop so far this year. Investors seem optimistic, as shares have been climbing in preparation for the company’s Q3 2024 earnings release on October 30th.

Based on Trading View’s data, Riot’s shares have increased by almost 3% over the past 24 hours. This Bitcoin mining company is due to announce its third quarter 2024 earnings on October 30, following the market closure at 4:00 PM EST.

Riot Platform’s shares have dropped by 28.96% so far this year, but they’ve climbed up by 13.91% over the past 12 months. Interestingly, the company predicts a loss of $0.16 per share and expects revenues to reach $95.35 million. Currently, Riot shares are being traded at $10.87 each.

Despite the current challenging situation, there are indications pointing towards a potential revival for Riot Platforms. The company’s shares have been surging, exceeding their five, 20, and 50-day exponential moving averages, suggesting a strong upward trend. If it can sustain this bullish momentum, there might be a resurgence in the performance of Riot Platforms.

Additionally, Riot’s Moving Average Convergence Divergence (MACD) stands at a positive value of 0.73, suggesting potential growth. Meanwhile, the Relative Strength Index (RSI) for these stocks is at 73.07, indicating that the stock is currently overbought, as values above 70 generally signal that the security may be overvalued.

According to data from Trading View, the stock’s price trend appears to be mirroring that of other cryptocurrency mining stocks, which have also seen an increase.

🔔 A friendly heads up: Riot’s Q3 2024 earnings call is happening tomorrow, October 30, 2024, at 4:30 PM Eastern Time!

💻 If you prefer the audio-only webcast, you can register for it here: [Link to registration]

☎️ To join the call from within the U.S. or internationally, you can register here as well: [Link to international registration]

— Riot Platforms, Inc. (@RiotPlatforms) October 29, 2024

On October 29th, Riot Platforms announced on their X account that they would be hosting a conference call to discuss their third quarter earnings report for the year 2024, scheduled for October 30th at 4:30 PM Eastern Standard Time. Their second quarter earnings report for 2024 showed total revenues of $70 million, representing an 8.7% decrease compared to their Q2 2023 revenue, which stood at $76.7 million.

The statement indicates that the reduction in the company’s overall earnings stemmed from a decline of approximately $9.7 million in engineering income. However, this dip was balanced out by an uptick of around $6 million in Bitcoin mining profits.

Based on their official statement, Riot is a firm specializing in Bitcoin mining and digital infrastructure. The company’s approach is centered around a comprehensive, vertically integrated strategy. Established in 2000, Riot operates Bitcoin mines in central Texas and Kentucky, along with engineering and fabrication facilities for electrical switchgear in Denver, Colorado.

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2024-10-30 12:08