5 Bitcoin Mining Stocks to Buy Now

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1. Riot Blockchain, Inc. (NASDAQ:RIOT)

Number of Hedge Fund Holders: 18

Riot Blockchain, Inc. (NASDAQ:RIOT) specializes in bitcoin mining operations in North America. The company is based in Colorado, and runs via three main segments – Bitcoin Mining, Data Center Hosting, and Electrical Products and Engineering. Riot Blockchain, Inc. (NASDAQ:RIOT)’s fourth quarter revenue of $90.85 million jumped 1617% year-over-year and outperformed market consensus by $1.46 million. 

On April 12, B. Riley analyst Lucas Pipes maintained a Buy rating on Riot Blockchain, Inc. (NASDAQ:RIOT) but lowered the firm’s price target on the shares to $47 from $49. The company’s production came in below Riley’s estimate of 1,704 bitcoins in Q1, with Riot Blockchain, Inc. (NASDAQ:RIOT) producing approximately 1,405 coins, the analyst noted. However, Riot Blockchain, Inc. (NASDAQ:RIOT)’s production capacity of 511 bitcoins in March shows significant improvement, reflecting a 17% increase from February, the analyst added. 

According to Insider Monkey’s Q4 database, 18 hedge funds were long Riot Blockchain, Inc. (NASDAQ:RIOT), compared to 11 funds in the earlier quarter. The total stakes owned by elite hedge funds amounted to more than $37 million. Ken Griffin’s Citadel Investment Group is a significant position holder in Riot Blockchain, Inc. (NASDAQ:RIOT), with 317,551 shares worth $7 million. 

You can also take a look at 10 Best Stocks To Buy For Beginners Right Now and 10 Best Value ETFs to Invest in Now

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