Movement Alert｜Riot Platforms Rises 8.79% in Regular Trading, Multiple Banks Raise Target Prices Following AI Data Center Deal

Market Focus

Aug 12

On August 12, Riot Platforms rose 8.79% in regular trading, trading at approximately $21.33/share, with turnover of $96.38 million.

On the news front, multiple investment banks raised their price targets on the stock. Macquarie lifted its target from $30 to $35 while maintaining an Outperform rating, and Piper Sandler raised its target to $25. The consensus mean price target now stands at $32.98 according to analysts polled by FactSet.

The upgrades follow the company's announcement on August 11 of a 20-year, 191-megawatt data center lease agreement with Anthropic, projected to generate up to $9.1 billion in total revenue. The deal marks Riot Platforms' formal entry into the AI-driven data center market, a strategic pivot previously urged by activist investor Starboard Value, which had identified the company's Corsicana and Rockdale facilities as top-tier AI/HPC hosting sites. While Q2 EPS of -$0.68 significantly missed the -$0.28 consensus estimate, revenue of $174.2 million beat expectations, and market attention has shifted decisively toward the long-term revenue outlook from the AI transformation.

(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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