RIOT Blockchain Stock Price and Forecast: Why is RIOT stock down?

  • RIOT stock does not rally on Thursday, one of the few crypto stocks in the red.
  • Crypto stocks rally as Bitcoin bounce continues, targets $55,000.
  • RIOT released production numbers on Tuesday, which showed continued strength.

RIOT Blockchain stock failed to rally with most of its peers on Thursday and was, from what we can tell, one of the few crypto stocks that finished the session in the red. With crypto stocks getting a boost from the ongoing strong performance of Bitcoin. It was not much of a surprise to see the crypto stocks rallying, but why the relative underperformance then from RIOT? Well, a strong performance on Tuesday may have something to do with it, and so it actually was ahead of its peers in the performance stakes. Bitcoin did also actually slip a bit on Thursday despite being at high levels. Bitcoin though is beginning to look more and more bullish with strong green candles in the recent move up. The red candles are small, and Thursday's move lower was not strong in comparison. 

RIOT stock news

On Tuesday RIOT released September production numbers and operations updates. The headline was strong with a yearly increase in production of 346%. In September 2021 RIOT Blockchain produced 406 BTC compared to 91 BTC in the same month a year earlier. As of September 30, 2021, RIOT said it holds approximately 3,534 BTC, all of which are from its own mining operations. The company currently has 25,646 miners with a hash rate capacity of 2.6 exahash per second. RIOT aims to increase this to 7.7 exahash per second by Q4 2022. This would be a strong growth rate and strong outlook if the targets are achieved. With 3,534 Bitcoin, at current prices that equates to nearly $184 million worth of Bitcoin.

Market Cap $2.5 billion
Enterprise Value $3.15 billion
Price/Earnings (P/E) 84


Price/Sales 92
Gross Margin 46%
Net Margin 45%
EBITDA $28 million
52 week high $ 79.5
52 week low $2.96
Short Interest 19%
Average Wall Street rating and price target

Buy $54

RIOT stock forecast

This one is starting to look more and more interesting to us from the long side despite the downward trend evident on the chart since August. For starters, the Moving Average Convergence Divergence (MACD) has bottomed out and is crossing into a bullish signal. The Relative Strength Index (RSI) also looks to have bottomed out. As mentioned, the sector was strong on Thursday, but RIOT stock lagged a bit and Bitcoin has powered ahead and looks to remain bullish with consolidation above $50,000. We need confirmation though before going long. A strong move with confirmation from the RSI breaking the down trend line would do the trick.

FXStreet View: The chart remains bearish, neutral above $27, bullish above $33.

FXStreet Ideas: Looking to buy a breakout. Look for a strong move with confirmation from the RSI.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD climbs above 1.1250 as investors eye coronavirus headlines

EUR/USD preserved its recovery momentum early Friday and rose above 1.1250 during the European trading hours. Markets are doubting the Fed's policy tightening prospects as the new coronavirus variant revives concerns over the economic recovery losing steam.


GBP/USD rebounds toward mid-1.3300s on broad dollar weakness

GBP/USD reversed its direction after dipping below 1.3300 earlier in the day and started to push higher toward 1.3350. The greenback is facing heavy selling pressure amid the sharp decline witnessed in the 10-year US Treasury bond yield.


Gold clings to strong gains above $1,800 as US T-bond yields plunge Premium

Gold staged a decisive rebound on Friday and reclaimed $1,800. The intense flight to safety is causing US Treasury bond yields to fall sharply and fueling XAU/USD's rally. Investors await news on vaccines' effectiveness against the new COVID variant.

Gold News

Cardano could tank to $1 if ADA fails to defend crucial support

Cardano price is currently hovering below a freshly shattered 6-hour demand zone, ranging from $1.68 to $1.79. This resulting crash could extend to the immediate and critical foothold at $1.40. 

Read more

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!