Benzinga | Oct 15, 2021 07:18AM EDT

DA Davidson Bullish On This Bitcoin Company, Sees Huge Upside

* DA Davidson analyst Christopher Brendler initiated coverage of Riot Blockchain Inc (NASDAQ:RIOT) with a Buy rating and $42 price target, implying a 60.8% upside, as part of a broader research note on crypto mining.

* The analyst cites the company's most significant mining operation in the U.S., providing them with scale, along with its "cheap" power and experienced management team.

* Riot Blockchain focuses on building, supporting, and operating blockchain technologies.

* Riot Blockchain's bitcoin production in September climbed ~346% year-on-year.

* Riot Blockchain mined 2457 BTC as of September-end 2021, up ~236% Y/Y.

* Price Action: RIOT shares traded higher by 4.52% at $27.30 in the premarket session on the last check Friday.