Riot Blockchain Shares Rise After Bitcoin Hits All-Time High and Palantir Technologies Shares Fall After Earnings
On Tuesday, shares of Riot Blockchain skyrocketed, closing up 20.74% and rising more than 4% in after-hours trading.
Shares of the bitcoin mining company closed higher after Bitcoin reached an all-time high on Tuesday, soaring above $50,000.
Over the past couple of weeks, more companies have been getting involved with Bitcoin. About a week ago, Tesla announced the company would be buying $1.5 billion worth of Bitcoin. MicroStrategy just announced they would be adding another $600 million worth of bitcoin. And credit card company Mastercard said it would support select cryptocurrencies.
As more companies start diving into cryptocurrency, Bitcoin has skyrocketed, gaining more than 40% in the past month.
Shares of Riot Blockchain are up over 1300% in the past three months.
On Tuesday, shares of Palantir Technologies plunged, closing lower by 12.75%.
Shares of the American software company fell after the company reported its Q4 2020 earnings.
The company reported revenue of $322 million vs. $300.7 million as expected by analysts. Palantir said the company expects more than 30% revenue growth in 2021 and expects to gain $4 billion in revenue in 2025. The company also reported a loss of around $148 million, or $0.80 per share.
Shares of Palantir Technologies are up nearly 75% in the past three months.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.