CryptoCurrency Prices | XXOS.net logo CryptoCurrency Prices | XXOS.net logo
.
Seeking Alpha 2021-11-29 18:10:06

Crypto mining stock selloff overdone, D.A. Davidson says, favors Core Scientific

D.A. Davidson analyst Christopher Brendler sees a near-term opportunity in cryptocurrency miners following the two-week pullback in the sector after bitcoin (BTC-USD) touched an all-time high earlier in the month. "Although the slightly more risk-off market and BTC pullback may have contributed, we also think the group moved a little too much too fast," the analyst writes in a note to clients. "Fundamentals, however, remain fantastic." Although the global hashrate increased, the rise has moderated recently, he added. In his note, Brendler emphasizes Core Scientific, which agreed to go public through a deal with SPAC Power & Digital Infrastructure Acquisition (XPDI +6.8%). "Core is our favorite 'buy-and-hold' name for several reasons including: the most scale, the best technology, and the strongest organization (superior talent, over 150 employees)," he writes. Core delivered strong Q3 financials, which were included in XPDI's amended Form S-4, with beats across most key metrics, Brendler said.

.
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.