H.C. Wainwright analyst Kevin Dede has maintained their neutral stance on CBIT stock, giving a Hold rating on November 18.
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Kevin Dede has given his Hold rating due to a combination of factors impacting Cathedra Bitcoin Inc. The company has recently demonstrated its capability by rapidly developing a new 15MW hosting facility in Kentucky, which highlights its proficiency in speed-to-market delivery. This development comes amidst increasing demand for HPC-AI power, showcasing Cathedra’s competitive edge in speed and cost efficiency. However, despite the promising infrastructure developments, the company faces challenging mining economics, with hash prices falling, which could impact profitability.
While Cathedra’s management has shown flexibility and openness to new opportunities, there is still a lack of tangible strategic objectives to measure progress against. The company’s recent revenue performance exceeded expectations, driven by mining machine optimization and power use refinement, yet the visibility of future targets remains unclear. As a result, Kevin Dede maintains a Neutral investment rating, indicating that while there are positive developments, more evidence of clear execution and strategic direction is needed for a more favorable outlook.
According to TipRanks, Dede is a 4-star analyst with an average return of 11.0% and a 38.99% success rate. Dede covers the Technology sector, focusing on stocks such as DeFi Technologies, Applied Digital Corporation, and Canaan.
In another report released on November 18, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a C$1.00 price target.