Riot Platforms Announced A 72% Spike In 2025 Revenues – Here’s How Wall Street Reacted

Piper Sandler trimmed its price target on RIOT, citing that crypto mining stocks are being valued conservatively overall.

• Cantor Fitzgerald cut Riot Platforms’ price target to $29 from $31 while maintaining an ‘Overweight’ rating on Tuesday.
• Needham lowered its target to $24 from $30 and kept a ‘Buy’ rating, citing higher-than-expected expenses and reduced 2026 mining estimates.
• H.C. Wainwright reduced its target to $23 from $26 but reiterated a ‘Buy’ rating.

Wall Street analysts slashed their price targets on Riot Platforms (RIOT) stock despite the company reporting a 72% year-over-year increase in full-year 2025 revenue.

Cantor Fitzgerald lowered its price target for Riot Platforms (RIOT) from $31 to $29 on Tuesday, but maintained its ‘Overweight’ rating. The firm cited weaker Bitcoin prices and softer mining economics as reasons to lower the target. 

Cantor said that Riot mined 1,324 Bitcoin in the fourth quarter, generating $131.7 million in mining revenue. This was up 7% from the same time last year, but down 18.1% from the previous quarter due to lower Bitcoin prices.

Needham also lowered its price target from $30 to $24 but kept its ‘Buy’ rating, pointing to expenses, including SG&A, rising faster than expected in the fourth quarter. The company also lowered its 2026 mining estimates to account for lower projected Bitcoin prices.

Piper Sandler lowered its target from $26 to $21, but kept its ‘Overweight’ rating. The firm did this because of multiple peer contractions and the recent drop in Bitcoin. H.C. Wainwright lowered its target from $26 to $23 but kept its ‘Buy’ rating, saying that the company is still in the early stages of unlocking value from its AI-related projects.

Riot Platforms (RIOT) stock was down over 4% on Tuesday morning. On Stocktwits, the retail sentiment around Riot remained in the ‘neutral’ territory, with chatter increasing from ‘normal’ to ‘high’ levels over the past day.

Riot Platforms Earnings 

Riot's revenue for the full year increased by $270.7 million, representing a 72% increase over the previous year. The company generated $647.4 million in revenue for the full-year, up from $376.7 million in 2024, driven primarily by stronger Bitcoin mining revenue. Mining revenue rose from $321 million to $576.3 million, and the number of Bitcoins produced increased from 4,828 to 5,686. As of December, Riot held 18,005 Bitcoin on its balance sheet.

Riot reported that the average cost of mining one Bitcoin increased from $32,216 in 2024 to $49,645 in 2025. This was because the global network hash rate rose by 47%, and Bitcoin’s 2024 halving reduced block rewards by half.

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