Les Jason, the Chief Executive Officer of Riot Platforms, Inc. (NASDAQ:RIOT), a $4.1 billion market cap company currently trading at $12.33, recently sold 50,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. According to InvestingPro data, the stock has shown significant volatility with a beta of 4.18. The shares were sold at a weighted average price of $11.34, resulting in a total transaction value of $567,000. This sale was conducted under a Rule 10b5-1 trading plan, which Jason adopted on September 10, 2024. Following this transaction, Jason holds 1,019,911 shares indirectly and 7,354,854 shares directly. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 5.68, while their Fair Value assessment suggests the stock may be slightly undervalued. For deeper insights into insider trading patterns and 14 additional ProTips, consider accessing the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Riot Platforms, a cryptocurrency mining company, has announced a private offering of $500 million in convertible senior notes due in 2030. The offering includes an option for buyers to purchase an additional $75 million in notes within a three-day window from the issue date. The proceeds from this offering are intended for the acquisition of additional bitcoin and for general corporate purposes.
The company also reported mining a total of 495 Bitcoin in November, marking a 2% decrease from the previous month. Despite a disappointing third-quarter earnings report, Riot Platforms maintains a Buy rating from Compass Point, H.C. Wainwright, and ATB Capital Markets.
In addition, Bitcoin's value soared past the $100,000 mark, resulting in a surge in cryptocurrency-related stocks, including Riot Platforms. B. Riley Financial updated its stock price targets for several digital mining companies, maintaining a 'Buy' rating for these stocks.
These are the recent developments for Riot Platforms.
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