• HCW analysts say Bitfarms nonetheless has 40% upside.
• Bitcoin miners reported robust first quarter outcomes this week.
• Bitfarm shares are already up about 150% year-to-date on the time of writing.

Bitfarms shares are already up practically 150% because the starting of the 12 months, however analysts at HC Wainwright are assured they don’t seem to be working out of steam but.

Bitfarm shares have one other 40% upside

On Tuesday, Kevin Dede reiterated his “purchase” score for bitcoin miners, up by $2.0, up one other 40% from there.

His bullishness on Bitfarm’s inventory got here a day after the corporate introduced that its first-quarter gross sales have been up 11% quarter-on-quarter. Dede admitted that mining prices elevated by greater than 12% in comparison with This fall, however he wrote:

Bitfarms nonetheless enjoys the bottom electrical energy prices amongst its friends, primarily through the use of hydropower. Bitfarms prides itself on renewable power sources.

Adjusted EBITDA for the primary quarter was $6.3 million, greater than 5 instances the earlier quarter, in response to the earnings press launch.

Bitfarms has a robust stability sheet

Additionally optimistic was the ‘hash charge’, which elevated about 7.0% to 4.8 EH/s in the newest quarter. Extra importantly, Bitfarms expects him to rise additional to six.0 EH/s by the top of Q3.

One of many different notable causes Dede stays optimistic on Bitfarms inventory is the power of its stability sheet. The Toronto-based firm now has solely $19 million in debt, up from $140 million about 10 months in the past.

HCW analysts now count on Bitfarms to generate $132.4 million in income this 12 months, up from a earlier estimate of $119.9 million. In his analysis notes he additionally states:

Geographic danger is mitigated with 10 areas unfold throughout 4 international locations. Forward of the halving, BITF positions itself with a strategic mixture of stability, liquidity, prudent monetary administration and progress plans.