• Bitfarms stock has nearly tripled since the beginning of 2023.
• H.C. Wainwright analyst Kevin Dede believes that Bitfarms stock could climb to $2 per share, representing an 80% upside from its current price.
• Dede is optimistic about Bitfarms due to its expansion in Argentina and other regions, as well as its strong gross mining margin and financial flexibility.
Bitfarm Stock Soars
Bitfarm’s stock has been on a tear since the start of 2023, nearly tripling in value over the past few months. This impressive rally has caught the attention of analysts like H.C. Wainwright’s Kevin Dede, who recently released a research note predicting that the stock could climb even higher to $2 per share – an additional 80% upside from here!
Why Is Dede Optimistic About Bitfarm?
Dede is bullish on Bitfarm for several reasons. Firstly, he notes that their fleet hash rate increased to 5 EH/s thanks to expansions in Argentina and other countries without further dilution of shareholders – a rare feat among publicly traded bitcoin miners. Additionally, despite a sharp (year-over-year) decline in gross mining margin last year, it still remained at an impressive 33%. Finally, he also praised the company for remaining profitable even during difficult times for crypto markets – something not all miners can boast about!
Additional Expansion Ahead?
Dede believes that if the miner is able to reach his estimates of 5.7 EH/s for the September quarter then this will provide further upward momentum for shares of Bitfarm Ltd., citing potential upside associated with expansions in Quebec, Paraguay and Washington State as additional drivers of growth beyond just Argentina alone!
In conclusion, it appears that analysts are bullish on Bitfarm Ltd.’s prospects going forward due to its strong fundamentals such as expanding operations without shareholder dilution and maintaining profitability during difficult market conditions coupled with potential opportunities ahead in various regions around the world!
Overall investors should keep an eye out for further developments regarding expansion plans & progress made towards reaching target hash rate estimates by September quarter end as these may provide more clarity & insight into how far this rally can run before leveling off or reversing course once again!