CandleFocus Analyst reiterates ‘Buy’ rating on Bitfarms stock despite selloff
2024-11-15
Author: Content Editor
H.C. Wainwright & Co. analysts have maintained their "Buy" rating on Bitcoin mining company Bitfarms despite a 15% decline in the stock price. Bitfarms reported positive third-quarter results with revenue growth of 8% to $44.9 million. However, the company announced delays to its year-end 2024 expansion targets due to construction setbacks, miner shipment delays, and equipment issues. Bitfarms currently operates at a hash rate of 11.9 EH/s but has achieved significant upgrades, boosting its hash rate capacity by 83% and improving fleet efficiency by 40%. The company is also exploring expansion into high-performance computing and artificial intelligence operations. Analysts raised their revenue forecast for Bitfarms to $190.7 million for 2024 but lowered their 2025 estimate to $388.9 million due to a slower-than-expected hash rate expansion. The analysts maintain a $4 price target for Bitfarms.
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