Is riot platform stock a buy

**Riot Platforms, Inc. (RIOT) appears to be a speculative buy at this time**, considering the current analysis and market conditions. Here's a detailed analysis:

1. **Recent News and Financial Performance**:
- **Price Change**: Riot Platforms' stock price increased by 3.02% on August 13, 2024.
- **Analyst Ratings**: The consensus rating for RIOT is "Strong Buy" with an average 12-month price target of $17.78, representing a 120.41% upside from the current price.
2. **Technical Analysis**:
- **Moving Averages**: The 5-day moving average is $7.89, and the 10-day and 50-day moving averages are $8.42 and $9.95, respectively.
- **Resistance and Support Levels**: The narrow resistance level is at $7.84, and the support level is at $7.49.
- **Relative Strength Index (RSI)**: The RSI is at 32.53, which could indicate that the stock is undervalued or has room for growth.

|Ticker|Name|Date|Closing Price|code|market_code|
|---|---|---|---|---|---|
|RIOT.O|Riot Platforms|20240813|7.84|RIOT|186|

3. **Analyst Price Target and Ratings**:
- **Price Target**: The average analyst price target is $17.78, with a high estimate of $23.00 and a low estimate of $12.00.
- **Consensus Rating**: The stock has a "Strong Buy" consensus rating, which is based on 10 analysts giving stock ratings to Riot Platforms in the past 3 months.

4. **Market Sentiment and News**: There is positive sentiment among analysts, with an average 12-month price target that suggests significant upside potential. Riot Platforms has also made strategic acquisitions, such as the increase in stake in rival Bitfarms, which could be seen as a positive sign for growth prospects.

Given the "Strong Buy" analyst consensus, the average price target indicating significant upside potential, and the positive developments in the company's strategic acquisitions, Riot Platforms, Inc. could be considered a speculative buy for investors seeking high growth opportunities. However, the stock's technical indicators suggest caution, and potential investors should consider their risk tolerance and investment horizon before making a decision.