Why Riot Platforms, Inc. (RIOT) Soared on Friday

We recently compiled a list of the Wall Street Optimism Spills Over to These 10 Stocks on Friday. In this article, we are going to take a look at where Riot Platforms, Inc. (NASDAQ:RIOT) stands against the other stocks.

Wall Street finished the trading week stronger, posting gains by more than 1 percent after slipping into the negative territory at intra-day trading following a clash between US President Donald Trump and Ukrainian leader Volodymyr Zelensky at the White House.

Following the televised meeting, the two leaders concluded the encounter without a deal for joint development of mineral resources.

The Dow Jones jumped by 1.39 percent, the S&P 500 surged by 1.59 percent, and the Nasdaq soared by 1.63 percent.

The broader market optimism spilled into individual stocks, with 10 companies ending the trading session with strong gains. In this article, we have detailed the reasons behind their impressive performance.

To come up with Friday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency.

Riot Platforms, Inc. (NASDAQ:RIOT)

Riot Platforms, Inc. (NASDAQ:RIOT) grew its share prices by 7.16 percent on Friday to finish at $9.28 apiece as investor sentiment was fueled by its impressive earnings performance last year.

In a statement, Riot Platforms, Inc. (NASDAQ:RIOT) said it achieved a net income of $109.4 million and a 34-percent increase in revenues at $376.7 million from $280.7 million in the same period a year earlier on the back of a $132-million increase in Bitcoin mining revenue.

Total Bitcoin mining revenues stood at $321 million for the year, as compared with only $189 million in 2023, primarily driven by higher average Bitcoin prices and an increase in operational hash rate, partially offset by an increase in network difficulty and the block subsidy ‘halving’ event.

Due to the halving event, the number of Bitcoins produced was lower by 27 percent, at 4,828, versus the 6,626 mined in 2023.

Overall RIOT ranks 10th on our list of Friday’s top gainers. While we acknowledge the potential of RIOT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RIOT but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.