BTIG analyst Gregory Lewis lowered the firm’s price target on Riot Blockchain to $15 from $50 and keeps a Buy rating on the shares. The analyst dropped stock expectations for the bitcoin miners with bitcoin at $30,000, down 35% year-to-date and 25% below its 2022 average. The mining stocks have collapsed despite bitcoin mining gross margins still sitting around 65% with the cryptocurrency at $30,000, Lewis tells investors in a research note. The analyst expects the mining stocks to trade with the bitcoin price but believes the other driver of the miner’s underperformance are concerns around funding growth. He thinks large established miners will continue to have access to capital at the expense of smaller newer miners.
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