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Riot Blockchain, Inc. (RIOT) stock rises in the Pre-market today: Why is it so?

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Shares of the Riot Blockchain, Inc. (RIOT) were rising in the pre-market trading session today on April 26, 2021, after rising as much as 5.45% at closing. RIOT price saw a surge of 8.11% to reach $41.6 a share as of this writing. It seems that the RIOT stock is moving high without any particular reason. Let’s deep dive to explore more of it.

What’s happening?

There is no specific news or earnings report by the RIOT to explain the reason behind the rally. We find no signs of analyst upgrades or increased per-share price of the RIOT to justify the rising RIOT Stock price. This is spreading curiosity among individuals eying on Riot Blockchain. Now it is better to analyze some of the past activities of RIOT stock.

Recent Developments:

On April 08, 2021. Riot stock entered into the definitive agreement with Whinstone US, Inc (“Whinstone”), pursuant to which Whinstone along with all its assets and operation will be acquired by the RIOT. The transaction value for this deal totaled approximately $651 million based on the per-share price of $48.37 of RIOT stock at that time.

On April 06, 2021, RIOT stock did announce the appointments of Megan Brooks, Phil McPherson, and Ryan Werner for the positions of Chief Operating Officer, Vice President, Capital Markets, and Vice President, Finance respectively in order to support the substantial progress which RIOT is making as a result of its strategic initiatives.

RIOT stock production in March 2021:

On April 12, 2021, RIOT stock did announce the March production and its operation updates according to which Riot Blockchain produced 187 BTC, which represents an increase of 80% as compared to 104 BTC in March 2020.BTC production in the first quarter of 2021 rose by 75% to reach 491 BTC as compared to the production of  281 BTC in the first quarter of 2020.

Conclusion:

Things are going well for RIOT stock as far as market sentiment is concerned without any recent news related to it. The previous developments show that the Riot Blockchain is growing over time. In a nutshell, investors need to keep an eye on this stock.

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