The Mysterious Case of Riot Platforms’ Stock Surge: A Study in Digital Alchemy
The catalyst for this bewildering surge was one Brett Knoblauch, an analyst at Cantor Fitzgerald, who-without a trace of irony-decided that Riot Platforms deserved a higher valuation. Prior to Monday’s opening bell, Knoblauch raised his price target for Riot’s stock to $26 a share from $22, maintaining his “buy” recommendation. This was, as analysts like to say, a “bullish” move, which in non-financial jargon means he believes Riot is, at least for now, a company poised to continue climbing-provided it doesn’t get hit by a meteor, suffer a catastrophic Bitcoin crash, or become the victim of a sudden and inexplicable shift in the laws of physics.