We recently published a list of 11 Firms Under Tech, Energy, Aviation Lead Friday Rally. In this article, we are going to take a look at where Riot Platforms, Inc. (NASDAQ:RIOT) stands against other firms under tech, energy, and aviation, which led Friday’s rally.
Wall Street’s main indices finished in the green territory on Friday amid a series of catalysts buoying investor appetite.
The Dow Jones Industrial Average rose by 0.80 percent, while the S&P 500 and Nasdaq Composite rallied by 1.26 percent and 1.77 percent, respectively.
Eleven companies—predominantly in the technology, energy, and aviation sectors—posted notable gains. Here is why:
To come up with Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency.
Riot Platforms, Inc. (NASDAQ:RIOT)
Shares of Riot Platforms, Inc. (NASDAQ:RIOT) grew 17.97 percent on Friday, adding 1.88 points to finish at $12.34 apiece following news that Bitcoin broke past the $97,000 mark. Riot—a Bitcoin mining company—recently bought worth $510 million of the cryptocurrency last month, bringing its total ownership in Bitcoin to $1.8 billion as of December 16.
In other news, Defiance ETFs unveiled the first 2X long ETF. Called RIOX, it seeks to provide 200 percent long daily targeted exposure to Riot Platforms and provide leveraged exposure to disruptive companies without the need for a margin account.
“RIOX offers investors a unique opportunity to amplify their exposure to the rapidly evolving blockchain and cryptocurrency mining sector. Riot Platforms has positioned itself as a leader in Bitcoin mining, not only by capitalizing on the growing demand for decentralized digital assets and infrastructure but also by strategically adding Bitcoin to its balance sheet…further reinforcing its commitment to the crypto ecosystem,” said Defiance ETF CEO Sylvia Jablonski.
Overall, RIOT ranks 5th on our list of firms under tech, energy, and aviation, which led Friday’s rally. While we acknowledge the potential of RIOT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RIOT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.