H.C. Wainwright analyst Kevin Dede has maintained their neutral stance on CBIT stock, giving a Hold rating on August 24.
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Kevin Dede’s rating is based on several factors, including the recent leadership changes at Cathedra Bitcoin Inc. The appointment of Joel Block as the new CEO brings a wealth of experience in bitcoin mining, which could positively impact the company’s strategic direction. However, the company’s recent financial performance, with a 20% sequential revenue decline, reflects a shift from mining to power development, which introduces some uncertainty.
Additionally, while Cathedra has made strategic moves to enhance its power capacity, such as securing a new 15MW datacenter lease, the full impact of these changes remains to be seen. The company’s focus on site selection and power development, along with a conservative approach to new projects, suggests a cautious outlook. Given these factors and the limited time to assess the new leadership’s impact, Dede has opted to maintain a Hold rating, while remaining optimistic about the potential opportunities in the current industry environment.
In another report released on August 24, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a C$0.00 price target.