{"id":20359,"date":"2023-04-28T19:37:59","date_gmt":"2023-04-28T19:37:59","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitfarms-stock-still-has-another-80-upside-from-here-analyst-says\/"},"modified":"2023-04-28T19:37:59","modified_gmt":"2023-04-28T19:37:59","slug":"bitfarms-stock-still-has-another-80-upside-from-here-analyst-says","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitfarms-stock-still-has-another-80-upside-from-here-analyst-says\/","title":{"rendered":"Bitfarms stock still has another 80% upside from here, analyst says"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/117152054_m_normal_none-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/117152054_m_normal_none-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/117152054_m_normal_none-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/117152054_m_normal_none-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>H.C. Wainwright analyst sees upside in Bitfarms to $2.0 a share.<\/li>\n<li>He explained his constructive view in a research note on Friday.<\/li>\n<li>Bitfarms stock has already nearly tripled since the start of 2023.<\/li>\n<\/ul>\n<p>Shares of Bitfarms Ltd have already nearly tripled since the start of the year but an H.C. Wainwright analyst is convinced that rally is far from over just yet.<\/p>\n<h2>Bitfarms stock could climb to $2.0<\/h2>\n<p>On Friday, Kevin Dede reiterated his \u201cbuy\u201d rating on the bitcoin miner and said its shares could climb to $2.0 \u2013 up another 80% from here.<\/p>\n<p>The bullish call on Bitfarms stock arrives only hours after the company expanded operations in <a href=\"https:\/\/decrypt.co\/138268\/bitcoin-miner-bitfarms-hits-new-hashrate-high-argentine-expansion\" target=\"_blank\" rel=\"noopener\">Argentina<\/a> that increased its fleet hash to 5 EH\/s.<\/p>\n<p>Estimates Dede has for 2023 are based on a hash rate of about 5.7 EH\/s \u2013 a level he\u2019s confident the miner will hit in its September quarter.<\/p>\n<blockquote>\n<p>This fleet expansion also came without further shareholder dilution \u2013 an added prize not universally shared across the spectrum of publicly traded bitcoin miners.<\/p>\n<\/blockquote>\n<h2>Bitfarms Ltd is generating cash<\/h2>\n<p>The H.C. Wainwright analyst remains constructive on Bitfarms Ltd also because it did not slip into negative EBITDA even in the <a href=\"https:\/\/bitfarms.com\/media\/news\/detail\/182\/bitfarms-reports-fourth-quarter-and-full-year-2022-results\" target=\"_blank\" rel=\"noopener\">fourth quarter<\/a> when thing went haywire for the crypto space at large.<\/p>\n<p>Other reasons cited for the constructive view on Bitfarms stock include its gross mining margin that declined sharply (year-over-year) in 2022 but still stood at a healthy 33% nonetheless. Dede said in his <a href=\"https:\/\/hcwco.bluematrix.com\/sellside\/EmailDocViewer?encrypt=79331a69-55b5-4219-b70c-27c84b787bb9&amp;mime=pdf&amp;co=Hcwco&amp;id=jayson.derrick@investoogroup.com&amp;source=mail\" target=\"_blank\" rel=\"noopener\">research note<\/a>:<\/p>\n<blockquote>\n<p>We understand potential upside in Argentina. With greater financial flexibility via stronger balance sheet, Bitfarms has options to consider additional business development opportunities.<\/p>\n<\/blockquote>\n<p>Expansion in Quebec, Paraguay, and Washington State will help the share price as well, he concluded.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitfarms-stock-price-forecast-h-c-wainwright\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) H.C. Wainwright analyst sees upside in Bitfarms to $2.0 a share. He explained his constructive view in a research note on Friday. Bitfarms stock has already nearly tripled since the start of 2023. Shares of Bitfarms Ltd have already nearly tripled since the [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":20360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20359"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=20359"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/20360"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=20359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=20359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=20359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}