In this article, we will look at the 5 best bitcoin stocks to buy now. If you want to explore similar stocks, you can go to 11 Best Bitcoin Stocks to Buy Now.
5. Stronghold Digital Mining Inc (NASDAQ:SDIG)
Number of Hedge Fund Holders: 6
Stronghold Digital Mining Inc (NASDAQ:SDIG) is a vertically integrated Bitcoin and crypto asset mining company that uses coal and refuse power generation facilities to carry out mining operations. The company focuses on low-cost mining operations. On September 13, Stronghold Digital Mining Inc (NASDAQ:SDIG) announced that it has identified a potential annual cost savings plan in the range of $8 million and $11 million. The company aspires to reduce and improve its operating costs into 2023.
On August 16, Stronghold Digital Mining Inc (NASDAQ:SDIG) announced earnings for the second quarter of fiscal 2022. The company generated a revenue of $29 million and reported earnings per share of $0.11, outperforming Wall Street estimates by $0.42. The company reported that it mined 637 Bitcoin in the second quarter of 2022, up 45% from 438 Bitcoin mined in the first quarter of 2022. As of June 30, Stronghold Digital Mining Inc (NASDAQ:SDIG) holds roughly 268 Bitcoin on its balance sheet.
Shortly after the company’s earnings release, B. Riley analyst Lucas Pipes revised his price target on Stronghold Digital Mining Inc (NASDAQ:SDIG) to $4 from $5 and maintained a Buy rating on the shares. On September 6, H.C. Wainwright analyst Kevin Dede started coverage of Stronghold Digital Mining Inc (NASDAQ:SDIG) with a Buy rating and a $3 price target. Over the past three months, the stock has received 2 Buy ratings and 1 Hold rating and has an average price target of $3 which implies a 205% upside from current levels.
At the end of Q2 2022, 6 hedge funds were long Stronghold Digital Mining Inc (NASDAQ:SDIG) and held stakes worth $1.43 million in the company. As of June 30, Ardsley Partners is the most prominent shareholder with stakes worth $0.41 million.
Here is what Miller Value Partners had to say about Stronghold Digital Mining, Inc. (NASDAQ:SDIG) in its first-quarter 2022 investor letter:
“Stronghold Digital Mining (NASDAQ:SDIG) fell 54.5% during the quarter as the bitcoin miner reported below-consensus 4Q21 revenue of $17.0 million and a loss of $0.52 per share. Additionally, Stronghold issued a warning that headwinds related to miner receipts, deployments, and performance have led them to revise their initial year-end (YE) 2022 target hash rate capacity of 8.0 exahash per second (EH/s) to 4.3 EH/s, compared to YE 2021 capacity of 1.3 EH/s and late-March 2022 capacity of 2.3 EH/s. While management reduced processing power guidance, they noted that current guidance would likely not require additional capital.”
4. Canaan Inc. (NASDAQ:CAN)
Number of Hedge Fund Holders: 8
Canaan Inc. (NASDAQ:CAN) is a Chinese computer hardware manufacturer that is involved in the research and development of integrated circuits and microprocessors for Bitcoin mining operations. On August 18, Canaan Inc. (NASDAQ:CAN) announced market-beating earnings for the fiscal second quarter of 2022. The company reported earnings per share of $0.59 and beat expectations by $0.20. The company generated a revenue of $243.5 million.
This July, H.C. Wainwright analyst Kevin Dede started coverage of Canaan Inc. (NASDAQ:CAN) with a Buy rating and a $5 price target. The analyst noted that the company is a pioneering Chinese manufacturer of bitcoin mining equipment and AI-directed semiconductors. The analyst likes the company’s “technical skill and rising profile”. Over the past three months, Canaan Inc. (NASDAQ:CAN) has received 2 Buy ratings from Wall Street analysts and has an average price target of $6.5, which represents an upside of 103%.
At the end of Q2 2022, 8 hedge funds held stakes in Canaan Inc. (NASDAQ:CAN). The total value of these stakes amounted to $8.9 million, up from $8.83 million a quarter ago with 7 positions. The hedge fund sentiment for the stock is positive. As of June 30, Polunin Capital is the leading shareholder in Canaan Inc. (NASDAQ:CAN) and has stakes worth $4.5 million in the company.
3. Core Scientific Inc (NASDAQ:CORZ)
Number of Hedge Fund Holders: 11
Core Scientific Inc (NASDAQ:CORZ) owns and operates facilities for cryptocurrency and Bitcoin mining and colocation services. The company provides blockchain infrastructure, software solutions, and services. Wall Street analysts have turned bullish on Core Scientific Inc (NASDAQ:CORZ). On September 6, H.C. Wainwright analyst Kevin Dede started coverage of Core Scientific Inc (NASDAQ:CORZ) with a Buy rating and a $5 price target. On September 16, Cowen analyst Stephen Glagola revised his price target on Core Scientific Inc (NASDAQ:CORZ) to $3.75 from $4.00 and maintained a buy-side Outperform rating on the shares. On September 27, Compass Point analyst Chase White started coverage of Core Scientific Inc (NASDAQ:CORZ) with a Buy rating and a $4 price target. The stock has an average price target of $5.58, which implies a 336% upside from current levels.
On August 11, Core Scientific Inc (NASDAQ:CORZ) reported earnings for the second quarter of fiscal 2022. The company reported earnings per share of $0.18 and generated a revenue of $163.97 million, beating analyst expectations by $2.07 million. On September 6, Core Scientific Inc (NASDAQ:CORZ) announced that it had produced 1,334 Bitcoins in August from self-mining operations.
At the close of Q2 2022, 11 hedge funds disclosed ownership of stakes in Core Scientific Inc (NASDAQ:CORZ). These funds held collective stakes of $5.31 million in the company.
2. Applied Blockchain (NASDAQ:APLD)
Number of Hedge Fund Holders: 12
Applied Blockchain (NASDAQ:APLD) builds and operates next-generation datacenters in North America for high-performance computing and Bitcoin mining. On September 8, Applied Blockchain (NASDAQ:APLD) inaugurated its 180-megawatt hosting facility in North Dakota. On July 19, Lake Street analyst Rob Brown reiterated his Buy rating and $10 price target on Applied Blockchain (NASDAQ:APLD).
On August 25, Applied Blockchain (NASDAQ:APLD) announced earnings for the fourth quarter of fiscal 2022, in which it beat EPS estimates by $0.07. The company generated a revenue of $7.52 million and outperformed Wall Street consensus by $0.42 million. The company also announced that it expects to have three operational datacenters by the first half of fiscal 2023, which represents a total hosting capacity of 500 megawatts.
Insider Monkey found Applied Blockchain (NASDAQ:APLD) on 12 hedge fund portfolios at the end of Q2 2022. these funds held collective stakes of 12.19 million in the company.
1. Riot Blockchain, Inc (NASDAQ:RIOT)
Number of Hedge Fund Holders: 13
Riot Blockchain, Inc. (NASDAQ:RIOT) is a leading North American Bitcoin mining company. The company has three business divisions: Bitcoin Mining, Data Center Hosting, and Electrical Products & Engineering. Over the past three months, Riot Blockchain, Inc (NASDAQ:RIOT) has received 5 Buy ratings and 1 Hold rating and has an average price target of $13.67, which implies a 96% upside from current levels. On August 15, Riot Blockchain, Inc. (NASDAQ:RIOT) reported that its revenue for the fiscal second quarter of 2022 amounted to $72.95 million, up 112.38% year over year.
On July 26, B. Riley analyst Lucas Pipes reiterated his Buy rating and $16 price target on Riot Blockchain, Inc (NASDAQ:RIOT) and also added the stock to B. Riley’s “25 for 2022” picks list. On September 12, Roth Capital analyst Darren Aftahi reiterated his Buy rating and $15 price target on Riot Blockchain, Inc (NASDAQ:RIOT). The analyst noted that Riot Blockchain, Inc. (NASDAQ:RIOT) continues to remain his top pick among Bitcoin mining companies. On September 28, Wells Fargo analyst Jeff Cantwell started coverage on Riot Blockchain (NASDAQ:RIOT) with an Equal-Weight rating and a $7 price target.
Riot Blockchain, Inc. (NASDAQ:RIOT) was spotted on 13 hedge fund portfolios at the end of Q2 2022. The total stakes of these hedge funds amounted to $13.6 million in the company. As of June 30, Schonfeld Strategic Advisors is the largest shareholder in the company and has stakes worth $2.77 million.
You can also take a look at 10 Best Bitcoin Stocks and 10 Best Blockchain Stocks to Buy.
