H.C. Wainwright analyst Kevin Dede reiterated a Buy rating on DMG Blockchain Solutions (DMGGF – Research Report) today and set a price target of C$1.00.
Kevin Dede has given his Buy rating due to a combination of factors including DMG Blockchain Solutions’ significant progress in expanding its hashrate and increasing bitcoin production, which has led to a substantial rise in revenue. The company has achieved a 65% sequential increase in hashrate, nearing its target, and improved fleet efficiency, which are positive indicators of operational growth.
Additionally, DMG’s strategic initiatives, such as the Core+ program and the development of its digital asset custodian subsidiary, Systemic Trust, have positioned the company to capitalize on regulatory approvals and customer acquisition. The company’s ventures into AI infrastructure and high-performance computing, including collaborations for new data centers, further demonstrate its commitment to diversifying and enhancing its technological capabilities. These factors collectively support Dede’s optimistic outlook and Buy rating for DMG Blockchain Solutions.
According to TipRanks, Dede is a 3-star analyst with an average return of 1.8% and a 38.31% success rate. Dede covers the Technology sector, focusing on stocks such as Canaan, Exodus Movement, Inc. Class A, and BIT Mining.
In another report released on March 3, Roth MKM also initiated coverage with a Buy rating on the stock with a C$0.85 price target.
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