Since then, though, the mining activities have become the main concern, with the company now a fully-fledged bitcoin miner. CleanSpark was once just a provider of microgrid solutions and only kicked off its mining operations at the end of 2020. That wasn’t always the case with this company, however. The next Cantor-endorsed crypto stock is CleanSpark, another bitcoin miner. The shares are priced at $6.20 and their $10.06 average price target implies a 12-month upside of 62%. The stock’s 8 recent analyst reviews include 7 Buys and 1 Hold, for a Strong Buy consensus indicative of a bullish outlook. Overall, it’s clear that Wall Street agrees with Siegler on the forward prospects for RIOT. (To watch Siegler’s track record, click here) Siegler doesn’t just write up an optimistic outlook he backs it with an Overweight (i.e., Buy) rating on RIOT shares and a $12 price target that implies a one-year upside potential of 61% from current levels. Gross margin remains best-in-class at ~65%, largely due to unique energy agreements it has entered into… Unlike other miners, RIOT does not need to raise additional debt or equity to achieve its guidance.” He writes, “With scale being paramount in this industry, we are positive on RIOT’s ability to mine more Bitcoin than others and reinvest those proceeds to further increase scale. Making RIOT his “Crypto Top Pick,” Siegler lays out the bull case. That said, Cantor’s Josh Siegler thinks they have more room to run. Riot shares got absolutely decimated last year, but have rallied by 88% since the December lows. The company sold 600 BTC, netting roughly $10.2 million. The latest, for December, showed Riot mined 659 BTC, amounting to a 55% uptick compared to December 2021. In addition to quarterly results, the company provides monthly updates of its operations. Riot recently went through a rebranding, changing its name from Riot Blockchain to Riot Platforms. Additionally, the company hosts approximately 200 MW of institutional Bitcoin mining clients. Riot is also in the process of putting together 200 MW of immersion-cooling infrastructure. With further expansion, the company is targeting a hash rate of 12.5 EH/s by the end of Q1 as the Rockdale, Texas, facility adds a new building and the company installs more miners. The company had only 3.1 EH/s self-mining capacity at the end of 2021 but that has seriously accelerated over the past months, and Riot saw out 2022 with 9.7 EH/s, boosted by the deployment of recent miner purchases that brought its total deployed fleet to 88,556 miners. The company is focused on broadening its operations via increasing its bitcoin mining hash rate and increasing its infrastructure capacity. Let’s take a closer look.Ĭantor’s first crypto pick is Riot Platforms, one of North America’s largest cryptocurrency mining firms. As it turns out, Siegler is not the only one taking the bullish view here both boast Strong Buy consensus ratings from the rest of the Street. We ran these tickers through the TipRanks database to see what the rest of the Street makes of Siegler’s choices. In fact, Josh Siegler, the crypto specialist at Cantor, expects the shares of a couple of BTC miners to deliver further upside over the coming months – in the order of 60% or more. Of course, the rally has also bled over to the stock market, with crypto-focused stocks benefiting from the shift in sentiment. And as is customary, other tokens have mimicked BTC’s behavior and have surged ahead too. After a tumultuous 2022, impacted by multiple negative developments culminating in the FTX debacle that sent the crypto space into further meltdown, 2023 has started with a bang for the industry.Īs ever, leading the charge, bitcoin has put in an excellent rally, up by 38% since the turn of the year.
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