The premise starts by stating that RIOT is highly correlated to BTC /USD, given how the business model is BTC mining that seems fair. As such, with the recent increase in BTC /USC RIOT has gained also, but sometime on Feb 9th it started diverging from BTC /USD and has only increased the divide since then. Why? There hasn't been a single catalyst coming from inside the company and it doesn't hold any BTC and is a money losing operation while trading at 1288 times last quarter's . So my guess is that there's no reason to sustain this diverges and thus we'll go down from here.
I'm not going to say it's going bankrupt, but it should revert back to being tightly correlated with BTC /USD.
My prediction/guess - it reverts back to $33/share level.
There was even an SEC investigation (dropped in February 2020) into the company. The investigation was due to possible securities fraud given how they pumped their stock by adding "blockchain" to their name.
This is a fascinating short the more I look into it...
If BTC goes from 48-55k that's a significant % difference of course... but in reality it is adding $7000 per BTC to RIOT's treasury... every move for BTC from this point on is significant for all BTC focused treasuries and miners.