Riot stocks poised for a comeback ahead of Oct. 30 earnings release

Shares of Bitcoin mining company Riot are expected to make a comeback after falling 28.96% year-to-date. Its shares are trending higher in anticipation of the company’s third-quarter 2024 earnings report, which it will announce on October 30.

According to Trading View data, Riot’s shares have risen by approximately 3% in the past day. The Bitcoin (BTC) mining company is expected to report its third-quarter 2024 earnings after markets close at 4pm EST on October 30.

Riot Platform’s shares are down 28.96% since the beginning of the year. However, its stock price has seen an increase of 13.91% in the past year. In fact, the company expects a loss of $0.16 per share and revenue of $95.35 million. At the time of this writing, Riot shares are trading at $10.87.

Chart showing Riot Platform’s stock price, October 30, 2024 | Source: Trading Outlook

Although things don’t look good, there are signs that a comeback could be possible for Riot. Riot’s shares are trending upward, breaking above their five-, 20- and 50-day exponential moving averages. If it can maintain upward pressure, Riot Platforms may experience a comeback.

Moreover, Riot’s moving average convergence or divergence is indicated as positive at 0.73. The stock’s Relative Strength Index is at 73.07, which means the stock is currently in the overbought zone.

According to Trading View data, the stock is on the rise due to a similar rise seen in other crypto mining stocks.

Reminder: Riot’s Q3 2024 earnings conference call will be held tomorrow, Wednesday, October 30, 2024 at 4:30 PM EST!

🖥 Sign up for the audio-only webcast here: https://t.co/YOrtZ57wgo.

📞 Sign up here to call from the US or internationally: https://t.co/yNuMCbHmKX.

— Riot Platforms, Inc. (@RiotPlatforms) 29 October 2024

On October 29, Riot Platforms reminded on the The previous 2024 second quarter earnings report showed total revenue of $70 million, down 8.7% compared to second quarter 2023 revenue of $76.7 million.

The company stated that the decrease was due to a $9.7 million decrease in engineering revenues. However, this was offset by a $6 million increase in Bitcoin mining revenue.

According to the press release, Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. Founded in 2000, Riot has Bitcoin mining operations in central Texas and Kentucky, as well as electrical switchgear engineering and manufacturing operations in Denver, Colorado.