Riot Platforms (RIOT) Stock Rises as Bitcoin Reclaims $90K and JPMorgan Resets Mining Targets

Riot Platforms, Inc. (NASDAQ: RIOT) is ending Wednesday’s session in the green, buoyed by a rebound in Bitcoin and fresh Wall Street research that’s reshaping expectations for bitcoin miners and AI‑driven data center plays.

As of late trading on November 26, 2025, Riot shares are changing hands at about $15.05, up roughly 4.6% from yesterday’s close around $14.39. Intraday, the stock has traded between $14.24 and $15.23, on heavy volume of roughly 16.9 million shares. ^[1]

That puts Riot’s market capitalization at around $5.6 billion, with the stock still more than 35% below its 52‑week high of $23.94 but more than double its 52‑week low of $6.19. ^[2]

Below is a full recap of today’s key news and context (26 November 2025) that matter for Riot Platforms stock.

Riot Platforms Stock Today: Price, Volume and Trend Snapshot

Last price: ≈ $15.05
Change vs. yesterday: +$0.66 (≈ +4.6%) ^[3]
Intraday range: $14.24 – $15.23
Approx. market cap:$5.6 billion ^[4]
52‑week range: $6.19 – $23.94 ^[5]
1‑year performance: market cap up about 31% over the past 12 months ^[6]

Riot was also flagged among the most actively traded U.S. stocks today, with the Associated Press list showing millions of shares changing hands and a trading range in the mid‑$14s earlier in the session. ^[7]

Short term, the price action reflects a bounce from a steep November pullback: research from Simply Wall St yesterday noted that Riot shares were up 32.7% year‑to‑date but down more than 35% over the last month, underscoring how quickly sentiment has swung. ^[8]

Macro Backdrop: Bitcoin Reclaims $90,000 After a Brutal November

Riot’s business is still heavily tied to the Bitcoin price, so the crypto backdrop is central to today’s move.

Bitcoin (BTC) is trading near $90,000, up roughly 3% in the last 24 hours, according to both major crypto price feeds and derivatives platforms. ^[9]
CoinDesk reports that Bitcoin regained the $90K level in U.S. afternoon trading, breaking from the pattern of weak pre‑Thanksgiving Wednesdays seen in previous years. ^[10]
At the same time, November has still been harsh: an analysis from The Economic Times highlights that BTC has fallen about 31% in November, slipping from highs above $126,000 toward the low‑$80,000s before this week’s rebound. ^[11]

Research firm K33, cited by The Block, argues that despite the drawdown, Bitcoin now looks like a “strong relative buy” versus equities, with the sell‑off approaching saturation. ^[12]

For Riot, this mix of short‑term volatility and long‑term bullish commentary on Bitcoin is exactly the environment that tends to amplify moves in the stock – both up and down.

New Today: JPMorgan Cuts Riot’s Target While Upgrading Rival Miners

One of the most important Riot‑specific headlines dated November 26, 2025 comes indirectly, via sector‑wide research from JPMorgan.

A detailed breakdown in The Economic Times explains that JPMorgan:

Upgraded Cipher Mining (CIFR) and CleanSpark (CLSK) to Overweight, driven by optimism about high‑performance computing (HPC) and colocation contracts. ^[13]
Doubled its valuation range for HPC data‑center capacity to $8–$17 million per megawatt (from $4–$9 million), while standard bitcoin mining capacity is valued far lower at $1–$2 million per MW. ^[14]
Cut its price target for Riot Platforms from $19 to $17 per share, citing lower Bitcoin price assumptions, updated network hashrate forecasts, and higher diluted share‑count estimates. ^[15]

JPMorgan also trimmed its target for MARA Holdings (MARA) to $13 from $20, while raising IREN’s target to $39 as it leans more heavily into HPC‑centric growth. ^[16]

What this means for Riot today:

JPMorgan’s reset suggests that traditional bitcoin mining economics have become less attractive in its models, while HPC and AI hosting are now seen as the main long‑term value drivers.
Riot is actively pushing into large‑scale data centers and high‑performance compute, but compared with pure‑play HPC miners, it’s still perceived as more exposed to core mining margins – hence the more cautious target. ^[17]

This target cut to $17 is still above today’s ~$15 share price, leaving upside in JPMorgan’s view, but it narrows the gap compared with earlier, more bullish assumptions.

New Today: Fresh Consensus Snapshot Shows Strong “Buy” Bias

Also updated on November 26, Ticker Nerd published a RIOT stock forecast that aggregates Wall Street estimates and valuation metrics: ^[18]

Current reference price: $14.39 (prior close)
Market cap used in the model: $5.35B
Analyst ratings:18 Buy, 0 Hold, 0 Sell (strong bullish skew)
Median 12‑month price target:$26.50
Target range:$17 (low) to $42 (high)

At yesterday’s close of $14.39, that implied:

+84% upside to the median target
+18% upside even to the most conservative $17 target

Given today’s push to around $15.05, those upside percentages are marginally smaller, but the big picture remains: the Street consensus is still strongly positive on Riot’s longer‑term trajectory, even as JPMorgan has turned more cautious on pure mining economics. ^[19]

Ticker Nerd also highlights Riot’s fundamental profile based on recent financials: ^[20]

Trailing twelve‑month revenue: ≈ $637 million
Net margin: ≈ 25.7%
Operating margin: ≈ 28.4%
Revenue growth (YoY): about +112%
P/E ratio: ≈ 25.9x, with price‑to‑sales around 7.9x

Those numbers lean firmly into “high‑growth mid‑cap” territory, which helps explain both the bullish analyst targets and the volatility when macro or Bitcoin sentiment shifts.

November 26 Crypto Macro: BlackRock’s Big BTC Move and Miner Sentiment

Another piece of today’s news flow that indirectly affects Riot:

The Wealth Advisor reports that BlackRock moved about 4,471 BTC (roughly $400 million) to Coinbase Prime, amid record monthly outflows from its IBIT Bitcoin ETF. ^[21]
The article frames this as a potential liquidity warning sign for Bitcoin markets, even as many institutional holders continue to stay put.
In the same piece, a crypto‑equities pre‑market table shows Riot at $13.88 at the close of Nov. 25 and $13.79 in pre‑market trading, before today’s strong intraday rebound. ^[22]

Separately, another November 26 feature on Bitcoin reclaiming the $90,000 level notes that miners like Marathon Digital, Riot Platforms, CleanSpark, Hut 8 and Core Scientific stand to benefit disproportionately from a sustained move higher, as mining rewards become more valuable relative to fixed operating costs. ^[23]

Taken together, today’s macro news paints a mixed but slightly improving backdrop:

Liquidity and ETF‑flow worries still hang over Bitcoin. ^[24]
Yet price action has stabilized and bounced, and some research desks frame this as a tactical buying window in BTC – which usually favors leveraged plays like Riot. ^[25]

Fundamentals Still in the Spotlight: Q3 Earnings and October Production

Behind today’s headline moves is a set of very strong recent fundamentals from Riot itself.

Record Q3 2025 Results

On October 30, 2025, Riot reported record third‑quarter results, including: ^[26]

Revenue: $180.2 million (up from $84.8 million in Q3 2024)
Net income: $104.5 million
Diluted EPS: $0.26
Adjusted EBITDA: $197.2 million
Bitcoin mining revenue: about $160.8 million, driven by production and higher BTC prices
Bitcoin holdings: ~19,287 BTC at quarter‑end, valued around $2.2 billion at a price of roughly $114,000 per BTC on September 30, 2025

The company also announced the initiation of 112 MW of core‑and‑shell development for its Corsicana data center campus, underscoring its shift into AI and HPC infrastructure alongside traditional mining. ^[27]

October 2025 Production Update

On November 4, 2025, Riot published its October 2025 production and operations update: ^[28]

Bitcoin produced: 437 BTC in October
Deployed hash rate: 36.6 EH/s
Average operating hash rate: 33.2 EH/s
Total power credits (including demand response): $2.1 million
All‑in power cost: about 4.0 cents per kWh

These metrics highlight Riot’s scale and cost advantages – low all‑in power costs, large hash rate, and meaningful income from power curtailment and demand‑response programs.

For investors reading today’s headlines, these Q3 and October figures serve as the fundamental anchor behind the stock’s big swings: even with BTC volatility and target cuts, Riot is currently profitable, growing quickly, and holding a very large Bitcoin treasury.

Valuation Check: Is RIOT Cheap After the Pullback?

Today’s bounce comes after a sharp correction that has attracted fresh valuation work from multiple research platforms.

Simply Wall St: “49% Undervalued” Narrative

A November 25 analysis from Simply Wall St (updated just before today’s session) frames Riot’s recent slump as a potential mispricing: ^[29]

They estimate a fair value of $27.33 per share, versus a recent close of $13.88, implying the stock could be about 49% undervalued.
They note Riot’s 3‑year total shareholder return is over 226%, despite the recent drop.
However, they also caution that Riot’s P/E ratio of around 31.5x is high relative to sector peers, raising the question of whether investors may be overpaying for its growth pivot if execution falters.

Street Aggregators: Strong Upside but High Risk

Ticker Nerd’s consensus snapshot (updated today) reinforces the idea that the Street largely sees upside: ^[30]

Average 12‑month target: $26.50
Low target: $17 (now also JPMorgan’s level)
High target: $42

At today’s price near $15:

Riot trades at roughly 0.56x the consensus target, and even below the most cautious $17 target, which leaves a modest valuation cushion if analysts are right.
On traditional metrics, it carries a P/E in the mid‑20s and a high price‑to‑sales multiple, which is typical for a company combining hyper‑cyclical commodity exposure (Bitcoin) with fast‑growing infrastructure revenue. ^[31]

In short: valuation support exists, but it’s not “cheap” in a deep‑value sense. Instead, Riot is priced like a high‑beta, high‑growth vehicle on Bitcoin and AI/HPC infrastructure – investors are paying for optionality, and that cuts both ways.

Key Risks and Catalysts After Today’s News

1. Bitcoin Price Path

A renewed slide back toward the low‑$80,000s or below – the zone highlighted in recent macro commentary – would likely put renewed pressure on Riot’s stock despite today’s bounce. ^[32]
Conversely, a sustained move above $90K and toward former highs could quickly restore risk appetite for miners, as seen in prior cycles.

2. HPC and AI Data Center Execution

JPMorgan’s research makes it clear that HPC colocation is now the primary driver of upside in its mining models, with valuations per megawatt several times higher than pure mining. ^[33]
Riot’s ability to fill and monetize its 112 MW of new Corsicana capacity – and any additional buildouts – will be critical to justifying higher price targets.

3. Dilution and Capital Structure

JPMorgan explicitly notes that its diluted share‑count estimates run 20–33% above some data sources, reflecting ATM issuance, convertibles and options – a reminder that miners frequently raise capital in bull phases. ^[34]
For Riot shareholders, that means future dilution is a real risk, especially if the company accelerates growth while Bitcoin is volatile.

4. Regulatory and ESG Pressures

Bitcoin mining and large data centers remain under scrutiny for energy use and environmental impact. Any new state‑level restrictions, taxes, or ESG‑driven financing constraints could affect Riot’s cost of capital and expansion plans.

What Today’s Move Means for Riot Platforms Investors

Putting everything together for November 26, 2025:

Price action: RIOT is up about 4–5% today, reversing early‑week softness and building on yesterday’s modest gains. ^[35]
Macro tailwind: Bitcoin has clawed back above $90K, easing fears of a deeper breakdown after a bruising November. ^[36]
Street view:
- JPMorgan has turned more conservative on Riot, cutting its target to $17, reflecting lower BTC assumptions and a more cautious stand on traditional mining economics. ^[37]
- Consensus aggregators, however, still show a strong “Buy” bias with a median target in the mid‑$20s and a high target above $40. ^[38]
Fundamentals: Riot just delivered record Q3 revenue and profit, continues to mine hundreds of BTC per month at low power costs, and is expanding into AI‑focused data centers that may command much richer valuations than pure mining fleets. ^[39]

For traders, Riot today remains what it has been all year: a high‑beta leveraged proxy on Bitcoin, supercharged by an emerging AI/HPC story.

For longer‑term investors, the key questions after today’s news are:

Do you believe Bitcoin’s current correction is closer to a consolidation than the end of the cycle?
Will Riot successfully transition from “just a miner” to a major HPC and AI data‑center operator while preserving margins?
Are you comfortable with potential dilution and volatility in exchange for the upside implied by current analyst targets?

If the answer to all three is “yes,” then the combination of today’s pullback from 52‑week highs, strong recent earnings, and continued bullish analyst coverage will look attractive. If not, Riot may be better watched from the sidelines until either Bitcoin stabilizes more convincingly or Riot’s AI/HPC revenue becomes a larger and steadier part of the story.

This article is for informational and educational purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any securities. Always do your own research or consult a licensed financial advisor before making investment decisions.