Riot Platforms, Inc. (RIOT) Stock Price & Analysis
Riot Platforms, Inc. (RIOT) closed at USD 12.89 on Thursday, October 22, 2026, down 8.06% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 14.02; the Oct 22, 2026 session ranged USD 12.67–13.74 on volume of 20,262,558 shares. Market capitalization is $4.84B, with a 52-week range of USD 11.5–30.32 (NCM). Source: Nexqual, retrieved October 23, 2026 at 10:33 UTC.
Also available as compact Markdown for AI agents: nexqual.com/RIOT.md
Key facts (RIOT)
- Last four reported quarters (through Jun 30, 2026): revenue $675M, net income -$1.32B (-196.3% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $9.5M; 0 not under a Rule 10b5-1 plan ($0K); 6 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.73 on a 1–5 scale) (22 analysts), mean target USD 30.38 (range 19–42).
- Total return with dividends: 1Y -37.1% vs S&P 500 +14.9%; 5Y -54.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.3, revenue estimate $160M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (RIOT)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $213M | $259M | $281M | $377M | $647M | $675M |
| Operating income | -$29.9M | -$513M | -$63.0M | $154M | -$622M | -$1.34B |
| Net income | -$15.4M | -$510M | -$49.5M | $109M | -$663M | -$1.32B |
| EPS (diluted) | -$0.17 | -$3.65 | -$0.28 | $0.34 | -$1.95 | — |
| Free cash flow | -$233M | -$148M | -$161M | -$495M | -$774M | -$777M |
| Operating margin | -14.0% | -197.8% | -22.5% | 40.8% | -96.1% | -199.2% |
| Net margin | -7.2% | -196.6% | -17.6% | 29.0% | -102.4% | -196.3% |
| Revenue growth | +1665.1% | +21.5% | +8.3% | +34.2% | +71.9% | — |
| Cash + short-term investments | $323M | — | — | $278M | $234M | — |
| Total debt | — | — | $783K | $585M | $841M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (RIOT)
P/S 7.2x · P/B 2.2x · FCF yield -16.06% · Earnings yield -27.37% · Buyback yield (TTM) 0.13%
P/E at fiscal year-ends: Dec 2024 29.8x.
Insider sales (SEC Form 4, open-market, last ~7 months) (RIOT)
6 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Werner Ryan D. | SVP, CAO | 47,733 | $1.1M | 6.4% | Yes (adopted December 2, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-07 | Werner Ryan D. | SVP, CAO | 17,828 | $384K | 2% | Yes (adopted December 2, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22 | Les Jason | CEO | 62,703 | $1.9M | 0.7% | Yes (adopted August 25, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22 | Werner Ryan D. | SVP, CAO | 25,375 | $761K | 2.7% | Yes (adopted December 2, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-27 | Werner Ryan D. | SVP, CAO | 37,616 | $997K | 3.8% | Yes (adopted December 2, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-11 | Les Jason | CEO | 175,000 | $4.4M | 1.9% | Yes (adopted August 25, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (RIOT)
Consensus Buy (mean 1.73 on a 1–5 scale), 22 analysts; mean target USD 30.38 (low 19, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Piper Sandler | Target lowered | Overweight | $25 → $19 |
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $30 → $24 |
| 2026-10-12 | Morgan Stanley | Target lowered | Overweight | $43 → $35.5 |
| 2026-09-29 | B. Riley Securities | Target raised | Buy | $28 → $33 |
| 2026-08-17 | JP Morgan | Target raised | Overweight | $20 → $22 |
| 2026-08-13 | Morgan Stanley | Target raised | Overweight | $36 → $43 |
| 2026-08-11 | Macquarie | Target raised | Outperform | $30 → $35 |
| 2026-08-11 | Bernstein | Target raised | Outperform | $30 → $35 |
| 2026-08-11 | Piper Sandler | Target raised | Overweight | $23 → $25 |
| 2026-08-11 | HC Wainwright & Co. | Target raised | Buy | $25 → $40 |
| 2026-08-11 | Cantor Fitzgerald | Target raised | Overweight | $23 → $30 |
| 2026-08-11 | Needham | Target raised | Buy | $28.5 → $30 |
Total return (dividends reinvested) (RIOT)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -37.1% | -54.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -37.2% | -14.5% |
| Volatility (annualized) | 87.1% | 94.4% |
| Max drawdown | -55.1% (Jun 2026→Oct 2026) | -92.3% (Nov 2021→Dec 2022) |
RIOT suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | NYDIG Trust Company | “We rely on our Custodians, NYDIG and Coinbase, to safeguard our bitcoin using cold storage.” |
| Supplier | Bitmain Technologies | “If defects, vulnerabilities, or failures in miners supplied by Bitmain, MicroBT, or other third-party manufacturers adversely affect our mining fleet, our business, financial condition, results of operations, and the market price of our securities could be materially and adversely impacted.” |
| Supplier | Midas Immersion Cooling | “While we rely on the representations and warranties of third-party vendors, such as Midas Immersion Cooling, LLC, it is not possible to avoid all potential claims of infringement of third-party intellectual property rights.” |
| Supplier | Coinbase | “We rely on our Custodians, NYDIG and Coinbase, to safeguard our bitcoin using cold storage.” |
| Supplier | Federal Deposit Insurance | “While we rely on well-known U.S.-based third-party digital asset-focused custodians to safeguard our bitcoin, our bitcoin is not insured by us, including not being subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protection.” |
| Supplier | Securities Investor Protection | “While we rely on well-known U.S.-based third-party digital asset-focused custodians to safeguard our bitcoin, our bitcoin is not insured by us, including not being subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protection.” |
| Customer | NYDIG Execution | “While our bitcoin may temporarily be processed through a NYDIG Execution customer account, NYDIG has covenanted that our assets will not be commingled with the assets of NYDIG Execution.” |
Quoted from the company's 10-K filed Mar 2, 2026.
RIOT company outlook (results filed Aug 10, 2026)
- “The Data Center Lease carries an initial term of 20 years, running through June 2048, and is expected to generate approximately $9.1 billion in total initial contract revenue.”
Quoted word-for-word from the SEC 8-K results press release.
RIOT analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.30 | $-0.23 | +33.5% | $160.2M | 3 |
| Next quarter (ends Dec 2026) | $-0.29 | $-0.23 | +26.1% | $176.0M | 3 |
| Current fiscal year (ends Dec 2026) | $-1.68 | $-1.25 | +34.3% | $680.1M | 4 |
| Next fiscal year (ends Dec 2027) | $-0.88 | $-0.70 | +26.4% | $796.8M | 4 |
RIOT options: expected move
Options price a move of about ±17.4% (±$2.28) by Nov 6, 2026, which includes earnings on Nov 4, 2026; the earnings reaction alone is priced at about ±8.0%. Over the last 8 reports the stock moved ±11.8% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 100.1% | ±11.7% |
| Nov 6, 2026 | 14 | 108.7% | ±17.4% |
| Nov 13, 2026 | 21 | 104.7% | ±20.2% |
| Nov 20, 2026 | 28 | 108.1% | ±23.9% |
| Nov 27, 2026 | 35 | 97.7% | ±24.0% |
| Dec 4, 2026 | 42 | 88.8% | ±23.9% |
| Dec 18, 2026 | 56 | 93.0% | ±28.8% |
| Jan 15, 2027 | 84 | 91.4% | ±34.4% |
30-day implied volatility 101% vs 76.5% realized over the last 30 trading days. Put/call ratio (volume) 1.04. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 10:33 UTC)
| Price | USD 12.89 |
|---|---|
| Change | ▼ 8.06% (down) |
| Previous Close | USD 14.02 |
| Open | USD 13.44 |
| Day Range | USD 12.67 – 13.74 |
| 52-Week Range | USD 11.5 – 30.32 |
| Volume | 20,262,558 shares |
| Market Cap | $4.84B |
| Exchange | NCM |
Technical Analysis (RIOT)
Nexqual's technical model rates RIOT "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 10:33 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 24.65 (oversold) |
| vs SMA50 | Below (USD 19.53) |
| MACD | -2.03 (negative) |
Analyst Ratings (RIOT)
Wall Street analysts rate RIOT "Buy" based on 22 analysts, with a mean price target of USD 30.38 (range USD 19–42), per Nexqual as of October 23, 2026 at 10:33 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 22 |
| Mean Target | USD 30.38 |
| High Target | USD 42 |
| Low Target | USD 19 |
| Buy / Hold / Sell | 21 / 1 / 0 |
Earnings (RIOT)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD -0.3 |
| Revenue Estimate | $160.21M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.58 vs est -0.32 ▼ miss |
| 2026-03-31 | USD -0.35 vs est -0.28 ▼ miss |
| 2025-12-31 | USD -1.88 vs est -0.39 ▼ miss |
| 2025-09-30 | USD 0.19 vs est -0.09 ▲ beat |
Source: Nexqual, October 23, 2026 at 10:33 UTC.
Financials & Fundamentals (RIOT)
| Total Revenue | $674.51M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +13.90% |
| Gross Margin | +28.26% |
| Operating Margin | -122.33% |
| Profit Margin | -196.28% |
| ROE | -48.24% |
| Debt / Equity | 0.4 |
| Current Ratio | 1.59 |
| Total Cash | $471.38M |
| Total Debt | $877.80M |
Source: Nexqual, October 23, 2026 at 10:33 UTC.
Financial Health Score (RIOT)
Nexqual rates Riot Platforms, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 10:33 UTC.
| Growth | Strong — Revenue +72% YoY (annual) |
|---|---|
| Profitability | Critical — Net margin -102% (last 12 months); banks have no gross margin |
| Balance Sheet | N/A — Not comparable for banks: deposits and customer funds sit on the balance sheet, so cash vs debt does not measure safety (SEC industry: Finance Services) |
| Cash Flow | N/A — Not meaningful for banks and lenders: lending and trading move operating cash flow by billions each year (SEC industry: Finance Services) |
| Efficiency | Critical — ROE -48%, ROA -21.2% |
Ownership (RIOT)
| Insider Ownership | +6.84% |
|---|---|
| Institutional Ownership | +86.95% |
| Shares Outstanding | 375.26M |
| Float | 349.14M |
| Short % of Float | +13.95% |
Source: Nexqual, October 23, 2026 at 10:33 UTC.
Leadership (RIOT)
Riot Platforms, Inc. is led by Jason Les, CEO & Executive Director, per Nexqual as of October 23, 2026 at 10:33 UTC.
| CEO & Executive Director | Jason Les |
|---|---|
| Executive Chairman | Soo Li Yi C.F.A. |
| Senior VP & COO | Stephen Howell |
| CFO, Executive VP and Head of Corporate Development & Strategy | Jason Chung |
| Vice President of Human Resources | Emma Norris |
Major Backers & Investors (RIOT)
Notable institutional backers of Riot Platforms, Inc. include FMR, LLC, Situational Awareness LP , Jane Street Group, LLC, according to Nexqual as of October 23, 2026 at 10:33 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 5.24% |
| Situational Awareness LP | 4.56% |
| Jane Street Group, LLC | 4.48% |
| Starboard Value LP | 2.7% |
| Fidelity | 2.45% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 9.83% |
| BlackRock | 8.52% |
| State Street | 2.52% |
| Geode Capital | 2.47% |
| Dimensional Fund Advisors | 1.86% |
Source: Nexqual, October 23, 2026 at 10:33 UTC.
From Riot Platforms, Inc.'s Latest SEC 10-K Filing (filed 2026-03-02)
Key Strengths & Strategy (as disclosed to the SEC)
- We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets.
- In advance of the April 2024 bitcoin network halving, many bitcoin mining companies heavily invested in implementing vertically integrated business models, infrastructure, and upgrading and expanding mining fleets.
- Since 2021, we have focused on a vertically integrated business model.
- Management believes that vertical integration will strengthen each of our business segments by providing increased capacity for our Bitcoin Mining operations, expanding opportunities for implementing our proprietary power strategy, and positioning us to capitalize on supply chain efficiencies and electrical engineering services through our Engineering segment.
Partnerships
- Our agreements with such brokerage services require them to comply with all applicable FINCEN and NYDFS rules and regulations, and with respect to the NYDIG Custodial Agreement, the Office of Foreign Assets Control's rules and regulations, including with respect to KYC/AML.
Legal & Regulatory Risks (Item 1A, quoted)
- Our Bitcoin Mining operations require substantial electrical power and can only be successful if the costs of that power, together with our operations costs, remain lower than the revenue generated by our operations.
- The compliance costs of responding to new and changing regulations could adversely affect our operations at the Facilities.
- Regulatory changes or actions may alter the nature of an investment in us or restrict the use of cryptocurrencies in a manner that adversely affects our business, prospects, or operations.
- Our expanding data center operations, including those supporting AI and HPC applications, may also be subject to new or evolving regulatory frameworks.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| VIRT | Virtu Financial, Inc. | USD 56.25 | ▼ 1.52% |
| PIPR | Piper Sandler Companies | USD 65.54 | ▲ 1.77% |
| FIGR | Figure Technology Solutions, In | USD 24.04 | ▼ 5.21% |
| BGC | BGC Group, Inc. | USD 11.89 | ▲ 0.51% |
| WULF | TeraWulf Inc. | USD 11.32 | ▼ 11.29% |
| MC | Moelis & Company | USD 55.06 | ▲ 3.77% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:33 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt