10 Best Stocks For Day Trading

4. Riot Platforms, Inc. (NASDAQ:RIOT)

5-year Beta (monthly): 4.11

Average Volume: 19,650,711

Number of Hedge Fund Holders: 12

Riot Platforms, Inc. (NASDAQ:RIOT) is a leading Bitcoin mining company that focuses on developing cryptocurrency mining infrastructure and technology. It has a diversified business model as the firm operates in three key areas including, Bitcoin mining, data center hosting, and engineering. It has strategic investments in companies such as Verady, Coinsquare, and Tess, which further broaden its influence in the cryptocurrency ecosystem.

The company operates in North America and its largest facility is located in Rockdale, Texas, which features state-of-the-art immersion-cooling and air-cooling systems. The company also has electrical engineering and fabrication capabilities in Denver, Colorado, and recently expanded with the acquisition of Block Mining, a Kentucky-based Bitcoin miner. Riot Platforms (NASDAQ:RIOT) aims to grow its operational capacity to 36 EH/s by the end of 2024 to solidify its position as one of the largest Bitcoin mining companies in the region.

With a 5-year beta of 4.11, Riot Platforms (NASDAQ:RIOT) ranks at 4 on our list of best stocks for day trading. The company is also viewed in a favorable light in the long term according to analysts as it has been covered by 13 analysts and all of them maintain a Buy rating on the company stock. Their average price target represents a nearly 147% upside to the company’s stock price on September 23.

On September 6, Roth MKM analyst Darren Aftahi reaffirmed his Buy rating on Riot Platforms (NASDAQ:RIOT) with a $20 price target. The analyst issued the rating and price target on August 5 as well and based his positive outlook on improvements in the company’s operational efficiency.

The analyst noted the company’s 35% month-over-month rise in average operational hash rate, while its deployed hash rate only increased by 1.3%. The gains are credited to upgrades at its Texas facilities, new miners, and improved cooling and immersion systems. The analyst also appreciated the millions in power credits that the company has earned and its effective cost management through power purchase agreements.