On July 23, Riot Platforms rose 5.14% in regular trading, trading at $24.695/share, with turnover of $62.60 million. The stock gained momentum after Morgan Stanley initiated coverage on the company with an Overweight rating.

The initiation from Morgan Stanley marks a significant endorsement for the bitcoin mining and digital infrastructure company. The bullish coverage adds to a growing chorus of positive analyst sentiment, following Citi's recent target price raise to $28 earlier in July and Jefferies' initiation at Hold with a $24 target in May. Analysts polled by FactSet have assigned an average Buy rating with a mean price target of approximately $26.

The company has been actively pursuing strategic diversification, including a collaboration with Terrestrial Energy to develop nuclear-powered data centers and responding to activist investor Starboard Value's push to accelerate its AI data center transition. Within the Application Software sector, peer bitcoin miners also saw gains, with Hut 8 Mining Corp up 7.4% and IREN Ltd up 3.83%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)