Movement Alert｜Riot Platforms Rises 5.28% in Pre-Market Trading, Morgan Stanley Overweight Rating and Bitcoin Resilience Continue to Support Shares

Market Focus

Aug 05

On August 5, Riot Platforms rose 5.28% in pre-market trading, trading at $22.74/share, with turnover of $1.2978 million.

On the news front, the stock continues to benefit from Morgan Stanley's recent initiation of coverage with an Overweight rating and a $36 price target. The investment bank highlighted that bitcoin miners with large grid-connected power assets are well-positioned to capitalize on surging AI data center demand. Bitcoin remains above $64,000, providing additional support to the crypto mining sector.

The AI infrastructure pivot narrative has gained traction after activist investor Starboard Value urged the company to accelerate its AI data center transition earlier this year, noting that its Corsicana and Rockdale facilities represent top-tier sites for AI/HPC hosting. Citi also raised its price target to $28 in July, while the analyst consensus maintains a Buy rating with a mean target of approximately $26. The broader crypto mining cohort has rallied sharply in recent sessions, with peers such as IREN, Cipher Digital, and CleanSpark posting double-digit gains.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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