Analysts' positive outlook and the surge in Bitcoin drive Riot shares up by 10.6%

On September 24, 2025, Riot Platforms (NASDAQ: RIOT) saw its stock jump by 10.6% after Roth Capital revised its price target to $24, now the highest among analysts. This adjustment is part of a wave of positive sentiment from Wall Street, with 14 analysts weighing in over the last quarter—12 recommending “Buy” and two suggesting “Hold.” According to TipRanks, the consensus 12-month price target is $18.58, which is 8.85% above the current share price of $17.07.

Roth Capital’s increase from $20 to $24 was one of several analyst updates. Cantor Fitzgerald also lifted its target to $24, while JPMorgan Chase & Co. lowered its rating from “Overweight” to “Neutral” and set a $14 target. Piper Sandler reaffirmed its $18 estimate, and Needham & Company raised its projection to $17.50. These collective moves indicate strong analyst confidence in Riot’s business performance and

mining capabilities.

Recent operational data supports this optimism. In August 2025,

mined 477 Bitcoin, marking a 48% increase compared to the previous year, thanks to low electricity costs of 2.6 cents per kilowatt-hour. The company’s hash rate reached 35.5 exahashes per second (EH/s), a 62% rise since June 2024, and fleet efficiency improved to 21.2 joules per terahash (J/TH), demonstrating better energy use. These improvements put Riot in a strong position to benefit from Bitcoin’s price swings and the upcoming 2024 halving, which has historically led to price increases due to reduced supply.

Riot’s Q2 2025 financials further reinforce the positive outlook. The company posted a record net income of $219.5 million and adjusted EBITDA of $495.3 million, with Bitcoin mining revenue reaching $140.9 million. The average cost to mine each Bitcoin, excluding depreciation, climbed to $48,992, mainly due to the 2024 halving and higher network hash rates. Despite these rising costs, Riot maintains $141.1 million in working capital and $255.4 million in unrestricted cash, ensuring it has the resources to expand and manage market volatility.

The stock’s performance mirrors broader Bitcoin trends. With Bitcoin up 67% in the past three months and 164% since the start of the year, Riot’s results are closely linked to the cryptocurrency’s price movements. H.C. Wainwright’s Mike Colonnese highlighted Riot’s focus on low-cost energy and infrastructure growth as key differentiators in the mining industry. Nevertheless, challenges remain, such as weather-related production cuts and operational expenses, which led to an 11% month-over-month drop in Q2 output.

[1] TipRanks.

(RIOT) Stock 12 Month Forecast.

[2] MarketBeat. Riot Platforms (RIOT) Stock Forecast and Price Target 2025.

[3] Riot Platforms. July 2025 Production and Operations Updates.

[4] Riot Platforms. Second Quarter 2025 Financial Results.

[5] StocksToTrade. Riot Platforms’ Stock Surge Examined.