Riot Platforms stock has another 22% upside: HCW analyst

• Riot Platforms reported strong results for its Q1 last week.
• HCW analyst raised his PT on Riot Platforms stock today.
• Mike Colonnese explained his bullish view in a research note.

Shares of Riot Platforms Inc have already more than tripled this year but an H.C. Wainwright analyst says further upside will unravel moving forward.

Riot Platforms stock has upside to $13.50

On Monday, Mike Colonnese reiterated his buy rating on the bitcoin miner and raised his price target to $13.50 a share – up another 22% from here.

His bullish note on Riot Platforms stock arrives only days after the company said a number of its key operating metrics, including hash rate, pushed to a record high in its first quarter.

With strong balance sheet and significant runway for future mining expansion, RIOT is well positioned to outpace growth of network hash rate over the next year.

Riot sees its aggregate hash rate to climb from 10.5 EH/s in Q1 to 12.5 EH/s in the back half of 2023.

Riot Platforms revenue was up 22% sequentially

At $73 million, the Nasdaq-listed firm came in shy of consensus estimates for revenue in its recently concluded quarter.

But the HCW analyst remains constructive on Riot Platforms stock since the revenue still represented a whopping 22% sequential growth. His research note also said:

A premium is warranted given Riot Platforms’ industry leading operating capacity, low electricity costs, and strong balance sheet.

Other notable figures in the company’s earnings release include a 51% year-on-year increase in bitcoin produced and mining margins that more than doubled versus the previous quarter. Note that the bitcoin miner has already touched $13.50 (Mike Colonnese’s price target) once this year.