Shares of Semler Scientific (SMLR) are little changed today after the medical technology company bought another 83 Bitcoin (BTC-USD) for $5 million. As a result, the firm now has 1,012 Bitcoin in total, which equates to a total value of $64 million at the time of writing.
Semler said it funded the purchase mostly with cash from its operations. However, it also used some funds from its at-the-market equity program, where it plans to gradually raise a total of $50 million by selling shares directly into the market.
Semler first started buying Bitcoin in May when it snapped up 581 BTC for $40 million. Eric Semler, the company’s chairman, sees Bitcoin as a “reliable store of value” and a solid investment that can protect against inflation. Interestingly, this latest purchase now puts Semler Scientific in 17th place among public companies worldwide with the most Bitcoin on their balance sheets, according to Bitcoin Treasuries data.
Is Bitcoin a Good Investment?
Using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook for Bitcoin. Indeed, the summary section pictured below shows that 15 indicators are Bullish, compared to two Neutral and five Bearish indicators.
Is SMLR a Good Stock to Buy?
Turning to Wall Street, there is only one analyst who is covering SMLR stock. Four-star analyst Brooks O’Neil from Lake Street has a Buy rating with a $40 price target, which implies an over 35% upside potential from current levels.
