Analysts' Optimism and Bitcoin Rally Propel Riot Stock 10.6% Higher

Riot Platforms (NASDAQ: RIOT) shares surged 10.6% on September 24, 2025, following a revised $24 price target from Roth Capital, which became the highest analyst estimate for the stock. This move follows a broader trend of analyst optimism, with 14 Wall Street firms issuing ratings in the past three months, including 12 “Buy” and two “Hold” recommendations. The average 12-month price target stands at $18.58, representing an 8.85% upside from the current price of $17.07, according to TipRanks.

The price target hike by Roth Capital, which raised its forecast from $20 to $24, was part of a series of analyst adjustments. Cantor Fitzgerald also raised its target to $24, while JPMorgan Chase & Co. downgraded from “Overweight” to “Neutral” with a $14 price target. Other notable actions included Piper Sandler reiterating a $18 target and Needham & Company boosting its estimate to $17.50. Collectively, these updates reflect a consensus of strong confidence in Riot’s operational performance and Bitcoin mining efficiency.

Operational metrics underscore the positive sentiment. In August 2025, Riot produced 477 Bitcoin, a 48% year-over-year increase, driven by low power costs of 2.6 cents per kilowatt-hour. The company’s deployed hash rate reached 35.5 exahashes per second (EH/s), up 62% from June 2024, while its fleet efficiency improved to 21.2 joules per terahash (J/TH), reflecting enhanced energy utilization. These gains position Riot to capitalize on Bitcoin’s price volatility and the anticipated halving event in 2024, which historically drives price surges due to reduced supply.

Financial performance in Q2 2025 further supports the bullish outlook. The company reported a record $219.5 million in net income and $495.3 million in adjusted EBITDA, driven by Bitcoin Mining revenue of $140.9 million. The average cost to mine Bitcoin, excluding depreciation, rose to $48,992 per unit, primarily due to the 2024 halving and increased network hash rates. Despite these costs, Riot’s $141.1 million in working capital and $255.4 million in unrestricted cash provide liquidity to fund expansion and weather market fluctuations.

The stock’s trajectory aligns with broader Bitcoin trends. With the cryptocurrency up 67% over three months and 164% year-to-date, Riot’s operations are closely tied to Bitcoin’s price action. Analysts like Mike Colonnese of H.C. Wainwright noted that Riot’s strategic focus on low-cost power and infrastructure expansion differentiates it in the mining sector. However, risks remain, including weather-driven curtailments and operational costs, which impacted Q2 production by 11% month-over-month.

[1] TipRanks. Riot Platforms (RIOT) Stock 12 Month Forecast. https://www.tipranks.com/stocks/riot/forecast

[2] MarketBeat. Riot Platforms (RIOT) Stock Forecast and Price Target 2025. https://www.marketbeat.com/stocks/NASDAQ/RIOT/forecast/

[3] Riot Platforms. July 2025 Production and Operations Updates. https://www.riotplatforms.com/riot-announces-june-2025-production-and-operations-updates/

[4] Riot Platforms. Second Quarter 2025 Financial Results. https://www.riotplatforms.com/riot-platforms-reports-second-quarter-2025-financial-results-current-operational-and-financial-highlights/

[5] StocksToTrade. Riot Platforms’ Stock Surge Examined. https://stockstotrade.com/news/riot-platforms-inc-riot-news-2025_09_24/