Riot Platforms, Inc. (NASDAQ:RIOT) Director Lance Varro has sold a portion of his holdings in the company, according to recent filings. On September 16, Varro sold 25,000 shares of Riot Platforms' common stock, resulting in a total transaction value of $175,035. The shares were disposed of at a weighted average price of $7.0014 each, with individual sales prices ranging from $6.975 to $7.04 per share.
Following the sale, Varro's remaining stake in the company stands at 44,441 shares of common stock. The transaction was executed in multiple trades on the date specified, and the prices mentioned reflect a weighted average, as noted in the footnotes of the filing.
Investors often monitor insider transactions such as these for insights into executives' perspectives on their company's stock. While the reasons for such sales can vary widely, they are required to be disclosed to the Securities and Exchange Commission in a timely manner.
Riot Platforms, formerly known as Riot Blockchain (NASDAQ:RIOT), Inc., is a company focused on cryptocurrency-related services. The sale by Varro comes at a time when the crypto market has been facing significant volatility, which has affected related stocks including those of companies like Riot Platforms.
The company and Varro have not made any additional comments regarding the sale at this time. Interested parties, including investors and regulatory staff, can request detailed information about the specific prices and number of shares traded during the transaction.
In other recent news, Riot Platforms, a key player in Bitcoin mining, reported a significant milestone of exceeding 10,000 Bitcoin held by the company. The company produced 322 Bitcoin in August, a slight decrease from the 370 mined in July. Riot's total deployed hash rate across all facilities reached 23.5 EH/s, marking a 1% increase from July and a substantial 128% rise from the previous year. Additionally, Riot Platforms has increased its ownership in Bitfarms to 18.9% by acquiring an additional 1 million common shares. This move comes amid ongoing tensions between the two companies, with Riot expressing readiness to engage with a reconstituted Bitfarms board on a potential transaction. On the financial front, Riot Platforms reported revenues of $70 million, surpassing projections. However, adjusted EBITDA was significantly lower than the anticipated $16 million. Following these developments, Needham maintained a Buy rating on Riot Platforms, increasing the price target to $14 from $13. Stifel Canada initiated coverage on Riot Platforms with a Speculative Buy rating and a price target set at $18.00, while Roth/MKM also maintained its Buy rating on Riot Platforms stock, with a $20.00 price target.
InvestingPro Insights
Amid the recent insider transaction at Riot Platforms, Inc. (NASDAQ:RIOT), investors may be looking for deeper insights into the company's financial health and market performance. According to InvestingPro data, Riot Platforms holds a market capitalization of approximately $2.18 billion USD. Despite recent market turbulence, the company's net income is expected to grow this year, which is a positive sign for potential investors.
The company's current Price/Earnings (P/E) ratio stands at 18.04, which might suggest a reasonable valuation relative to near-term earnings growth. This is supported by an InvestingPro Tip indicating that Riot is trading at a low P/E ratio relative to its anticipated earnings growth. Furthermore, Riot holds more cash than debt on its balance sheet, a metric that often signals financial stability and a potential buffer against market volatility. This is particularly significant in the high-stakes world of cryptocurrency-related services, where market conditions can shift rapidly.
However, it's worth noting that Riot Platforms has been experiencing a significant price decline, with a 6-month price total return of -37.88%. This could be reflective of broader market sentiments and the volatile nature of the crypto industry. Additionally, an InvestingPro Tip points out that Riot's stock price movements are quite volatile, which could be a factor for investors with a lower tolerance for risk.
For those interested in exploring further, there are additional InvestingPro Tips available, providing a more comprehensive view of Riot Platforms' financial health and market performance. Visit https://www.investing.com/pro/RIOT for more detailed analysis and insights.
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