Analysts at H.C. Wainwright expressed confidence that Ben Gagnon’s appointment has alleviated a significant concern concerning the inventory.
On July 8, Bitfarms introduced the appointment of Ben Gagnon as CEO, efficient instantly. The choice follows a rigorous three-month government search to exchange former CEO Geoff Morphy. Gagnon, who has been with Bitfarms for 5 years, brings intensive Bitcoin mining expertise and a deep understanding of the corporate’s strategic imaginative and prescient.
Gagnon was beforehand the Chief Mining Officer at Bitfarms and performed a pivotal function in shaping and implementing the corporate’s Bitcoin mining technique and operations. His management was instrumental in crafting Bitfarms’ transformative development technique for 2024, aiming to attain a hash fee steering of 21 EH/s by the tip of the 12 months.
Within the press launch, Bitfarms’ Chairman of the Board of Administrators Nicolas Bonta stated that Gagnon will work in the direction of increasing and diversifying the enterprise into new areas, equivalent to “power technology, warmth recycling, power buying and selling and HPC (high-performance computing) for AI (synthetic intelligence).”
Gagnon’s appointment is predicted to enhance Bitfarms’ capital deployment and enlargement into new synergistic development alternatives.
“Ben Gagnon is the right match for the function, as we see it,” stated analysts at H.C. Wainwright as they reiterated their ‘Purchase’ score on BITF’s inventory.
The market responded with optimism to the announcement, with Bitfarms’ shares (BITF) buying and selling modestly larger, outperforming Bitcoin, which noticed a 1.8% decline on the identical day.
As we speak, BITF is buying and selling at $2.55 a share, down 4.3%.
BitFarms confidence
Analysts at H.C. Wainwright appear assured that Gagnon’s appointment removes a big overhang on the inventory, aligning with Bitfarms’ future development prospects.
Gagnon’s profession at Bitfarms started in 2019 as Director of Enterprise Improvement. He superior to Director of Mining Operations in 2020 and Chief Mining Officer in 2021. His complete expertise covers mining technique, development initiatives, and miner portfolio administration.
Earlier than becoming a member of Bitfarms, Gagnon based and operated two Bitcoin mining firms, assuming roles equivalent to CEO, Chief Mining Officer, and CTO.
He holds an M.Sc. in Web Computing from Hong Kong College and a B.Sc. in Financial Consulting and Worldwide Enterprise from Indiana College’s Kelley Faculty of Enterprise.
H.C. Wainwright reiterated its Purchase score with a $4 worth goal, based mostly on a 6.0x EV/Income a number of in opposition to a $221.5M 2024 income estimate. The corporate’s valuation displays its aggressive positioning inside the BTC mining sector.
