In this article, we will look at the 5 best bitcoin stocks to buy now. If you want to explore similar stocks, you can go to 11 Best Bitcoin Stocks to Buy Now.
5. Stronghold Digital Mining Inc (NASDAQ:SDIG)
Number of Hedge Fund Holders: 6
Stronghold Digital Mining Inc (NASDAQ:SDIG) is a vertically integrated Bitcoin and crypto asset mining company that uses coal and refuse power generation facilities to carry out mining operations. The company focuses on low-cost mining operations. On September 13, Stronghold Digital Mining Inc (NASDAQ:SDIG) announced that it has identified a potential annual cost savings plan in the range of $8 million and $11 million. The company aspires to reduce and improve its operating costs into 2023.
On August 16, Stronghold Digital Mining Inc (NASDAQ:SDIG) announced earnings for the second quarter of fiscal 2022. The company generated a revenue of $29 million and reported earnings per share of $0.11, outperforming Wall Street estimates by $0.42. The company reported that it mined 637 Bitcoin in the second quarter of 2022, up 45% from 438 Bitcoin mined in the first quarter of 2022. As of June 30, Stronghold Digital Mining Inc (NASDAQ:SDIG) holds roughly 268 Bitcoin on its balance sheet.
Shortly after the company’s earnings release, B. Riley analyst Lucas Pipes revised his price target on Stronghold Digital Mining Inc (NASDAQ:SDIG) to $4 from $5 and maintained a Buy rating on the shares. On September 6, H.C. Wainwright analyst Kevin Dede started coverage of Stronghold Digital Mining Inc (NASDAQ:SDIG) with a Buy rating and a $3 price target. Over the past three months, the stock has received 2 Buy ratings and 1 Hold rating and has an average price target of $3 which implies a 205% upside from current levels.
At the end of Q2 2022, 6 hedge funds were long Stronghold Digital Mining Inc (NASDAQ:SDIG) and held stakes worth $1.43 million in the company. As of June 30, Ardsley Partners is the most prominent shareholder with stakes worth $0.41 million.
“Stronghold Digital Mining (NASDAQ:SDIG) fell 54.5% during the quarter as the bitcoin miner reported below-consensus 4Q21 revenue of $17.0 million and a loss of $0.52 per share. Additionally, Stronghold issued a warning that headwinds related to miner receipts, deployments, and performance have led them to revise their initial year-end (YE) 2022 target hash rate capacity of 8.0 exahash per second (EH/s) to 4.3 EH/s, compared to YE 2021 capacity of 1.3 EH/s and late-March 2022 capacity of 2.3 EH/s. While management reduced processing power guidance, they noted that current guidance would likely not require additional capital.”