- HCW analyst says Bitfarms Ltd nonetheless has 40% extra.
- The bitcoin miner introduced robust outcomes for its first quarter this week.
- Bitfarms inventory is already up round 150% for the 12 months on the time of writing.
Bitfarms Ltd is already up nearly 150% from the beginning of the 12 months, however an analyst at HC Wainwright is assured it’s not out of juice simply but.
Bitfarms inventory nonetheless up 40%
On Tuesday, Kevin Dede reiterated his “purchase” score on the bitcoin miner with an increase to $2.0 – a further 40% up from right here.
His bullish name on Bitfarms shares comes a day after the corporate mentioned its income grew 11% sequentially within the first quarter. Dede acknowledged that mining prices had been up greater than 12% from the fourth quarter, however wrote:
Bitfarms nonetheless operates one of many lowest power prices amongst its friends by primarily drawing hydroelectricity. Bitfarms prides itself on its renewable power sources.
Its adjusted EBITDA greater than quintupled from the prior quarter to $6.3 million within the first quarter, in keeping with the earnings press launch.
Bitfarms has a powerful stability sheet
The “hash charge” additionally elevated by round 7.0% within the not too long ago concluded quarter to 4.8 PE/s. Extra importantly, Bitfarms sees this climbing to six.0 EH/s by the top of Q3.
Stability sheet energy was amongst different notable causes Dede stays constructive on Bitfarms shares. The Toronto-headquartered firm now has simply $19 million in debt in comparison with $140 million about 10 months in the past.
Analyst HCW now expects Bitfarms to generate $132.4 million in income this 12 months in comparison with its earlier forecast of $119.9 million. Within the analysis notice, he additionally mentioned:
Its 10 websites in 4 nations mitigate geographical dangers. Going through the halving, BITF is positioning itself with a strategic mixture of stability, liquidity, prudent monetary administration and progress plans.
