Riot Platforms proposes to buy crypto miner Bitfarms, becomes largest shareholder
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May 29, 2024 4:35 PM EDT
Stifel Canada analyst Bill Papanastasiou downgraded Bitfarms Ltd. (NASDAQ: BITF) from Speculative Buy to Hold with a price target of $2.30 (from $3.25).
The analyst comments "RIOT Platforms Inc. (RIOT-N) revealed its proposal to acquire all the outstanding shares of BITF to create the... More
May 29, 2024 5:59 AM EDT
Bernstein SocGen Group analyst Gautam Chhugani reiterated an Outperform rating and $22.00 price target on Riot Platforms (NASDAQ: RIOT)
The analyst comments "Riot announced a 9.25% stake in Bitfarms (not covered) with a public acquisition bid directly to Bitfarms shareholders. Riot has offered $2.3 per share - 24% premium to the Bitfarms 1 month average price - Bitfarms management rejected the private offer last month. We believe, Riot is the most ambitious Bitcoin miner to consolidate the space, with aspirations to build the worlds largest public listed Bitcoin miner. Few quick comments... More
May 28, 2024 1:25 PM EDT
JPMorgan analyst Reginald Smith reiterated an Overweight rating and $15.50 price target on Riot Platforms (NASDAQ: RIOT).
The analyst comments "Transaction Terms & Valuation. According to the release, the proposal was originally delivered privately to Bitfarms Board on April 22, 2024, and was rejected without any substantive dialogue with Riot. The offer represents a 14% premium to BITFs May 24th closing price, but a 20% premium to BITFs April 19th price (the day prior to Riots initial proposal), valuing Bitfarms equity at ~$950 million, or... More
May 28, 2024 12:44 PM EDT
B.Riley analyst Lucas Pipes reiterated a Buy rating and $15.00 price target on Riot Platforms (NASDAQ: RIOT).
The analyst comments "This morning (5/28) BMO, Riot Platforms (RIOTBuy, $15 PT) announced a proposal to acquire Bitfarms Ltd. (BITFBuy, $3 PT) for $2.30 share, or a 14% premium from Fridays closing price. In the companys press release, Riot noted that an initial proposal was delivered on April 22 and subsequently rejected by the BITF board without engaging in substantive dialogue with Riot. RIOT has also become the largest holder of BITF with a 9.25% stake. As the now largest... More
May 28, 2024 12:39 PM EDT
Roth/MKM analyst Darren Aftahi reiterated a Buy rating and $20.00 price target on Riot Platforms (NASDAQ: RIOT).
The analyst comments "The combination would add a more diversified power footprint to RIOTs portfolio, with BITF operating ~13 sites across four countries, with major exposure in Latin and South America, which itself does propose some geopolitical and regulatory risks. BITF currently operates ~7 EH/s, with a 2Q target of ~12 EH/s and year-end 2024 target of ~21 EH, which combined with RIOT's projected year-end 2024 hash rate target of ~31.5 EH/s would bring the... More
