Northland Reiterates Outperform Rating on Riot Platforms (RIOT)

Northland analyst Mike Grondahl reiterated an Outperform rating and $15.00 price target on Riot Platforms (NASDAQ: RIOT).

The analyst comments "We believe with the addition of Gibbs and his team, RIOT can begin to go vertical with someone who has designed, constructed, and leased Tier 3 data centers. Quick Thoughts. It was clear on the 1Q25 call that the development and leasing of an AI/HPC data center is management's primary focus for 2025, as they noted that hyperscaler demand is as robust as it's ever been. With the new hire of Gibbs as Chief Data Center Officer, RIOT has now built its internal expertise and, we believe, is strategically positioned to best secure a high-quality tenant under an attractive lease agreement. Note RIOT has a pipeline of over 1.7 GW of power immediately available and in proximity to major markets. RIOT was expected to close on an additional 355 acres of land around Corsicana in May to allow for flexible HPC design that could fully utilize the entire ~1 GW of available power, as retrofitting the current 400 MW of BTC mining is now on the table. Recall that results from Corsicana's feasibility study were promising, and that RIOT is working closely with advisors to go to market. Note that the 700 MW Rockdale site is still in play for AI/HPC. Strategic Chief Data Center Officer Hire. Gibbs will have a team behind him to focus on building and operating data centers specifically tailored to serve hyperscaler and enterprise tenants. RIOT's launch of a new data center platform marks a strategic milestone in leveraging its assets beyond BTC mining to unlock significant value from its land and power portfolio to capitalize on rising demand for digital infrastructure driven by cloud computing, AI, and other compute-intensive applications. Gibbs brings over 15 years of experience designing and constructing stateof-the-art data centers for hyperscaler and enterprise clients. Gibbs has led the development of over ~1 GW of capacity across North America, Europe, and Asia, managing infrastructure projects with a combined investment exceeding $17B. Most recently, he served as Executive Vice President of Product Delivery at Prime Data Centers, overseeing the design, development, and construction of data centers across the U.S."

For an analyst ratings summary and ratings history on Riot Platforms click here. For more ratings news on Riot Platforms click here.

Shares of Riot Platforms closed at $8.48 yesterday.

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