- H.C. Wainwright’s analyst expects Bitfarms shares to rise up to $2.0 per share.
- He described his constructive viewpoint in a research report on Friday.
- Bitfarms’ stock has nearly tripled in value since 2023.
The shares of Bitfarms Ltd are up nearly threefold since the beginning of the year, but H.C. Wainwright’s analyst believes the rally will continue for some time.
Bitfarms could see its stock rise to $2.0
On Friday, Kevin Dede reiterated his “buy” rating on the bitcoin miner and said its shares could climb to $2.0 – up another 80% from here.
Bitfarms shares are soaring just hours after the company announced its expansion. Argentina The fleet now has 5 EH/s.
Estimates Dede has for 2023 are based on a hash rate of about 5.7 EH/s – a level he’s confident the miner will hit in its September quarter.
This fleet expansion also came without further shareholder dilution – an added prize not universally shared across the spectrum of publicly traded bitcoin miners.
Bitfarms Ltd generates cash
H.C. Wainwright analyst is still positive on Bitfarms Ltd, also because the company did not fall into a negative EBITDA in the last quarter. fourth quarter When the crypto-space went haywire.
Bitfarms’ gross mining margin also cited as a positive factor. It declined dramatically (year-overyear) but remained at a healthy 33 percent in 2022. Dede stated in his research note:
We know the potential upside in Argentina. Bitfarms is able to explore new business opportunities due to its stronger financial position.
The expansion of the company in Quebec and Washington State, as well as Paraguay will also benefit its share price, he concluded.
