Home Analysis Bitfarms stock still has another 80% upside from here, analyst says

Bitfarms stock still has another 80% upside from here, analyst says

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  • HC Wainwright analysts see Bitfarms rising to $2.0 per share.
  • He explained his constructive views in Friday’s research notes.
  • Bitfarms’ stock price has already nearly tripled since its launch in 2023.

Bitfarms Ltd’s share price has already nearly tripled since the beginning of the year, but HC Wainwright analysts believe the rally isn’t over yet.

Bitfarms stock could rise to $2.0

Kevin Dede on Friday reiterated his “buy” rating for the bitcoin miner, saying its stock could climb as high as $2.0.

A Bullish Call For Bitfarms Stock Arrives Just Hours After The Company Expanded Operations Argentina This increased the fleet hash to 5 EH/s.

Dede’s estimate for 2023 is based on a hash rate of around 5.7 EH/s. This is the level the Minor believes will reach in his September quarter.

This fleet expansion has been achieved without further dilution of shareholders. Additional prizes are not widely shared among listed Bitcoin he miners.

Bitfarms Ltd is generating cash

HC Wainwright’s analysts also remain constructive on Bitfarms Ltd. 4th quarter When the whole crypto space got messed up.

Another reason for the constructive view on Bitfarms’ stock price is the steep (year-over-year) mining gross profit margin decline in 2022, but still holding a healthy 33%. That’s it.Dede said in his research notes:

We understand the upside potential in Argentina. With greater financial flexibility from a stronger balance sheet, Bitfarms has the option to explore additional business development opportunities.

Expansion in Quebec, Paraguay and Washington will also boost the stock, he concluded.

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