Stronghold Digital Mining Shares Plunge More Than a Third to a 52-Week Low on 4Q Loss
30 Março 2022 - 1:47PM
Dow Jones News
By Chris Wack
Stronghold Digital Mining Inc. shares slid 32% to $7.01 after
the company reported a fourth-quarter loss and revenue that was
below what analysts were expecting.
The stock, which closed up 6% on Tuesday, hit its 52-week low of
$6.65 earlier in the session.
The company had a quarterly loss of $8.2 million, or 52 cents a
share, compared with a loss of $11.2 million, or $2.03 a share, in
the same quarter a year ago. Analysts polled by FactSet were
looking for a loss of $400,000, or flat on a per-share basis.
Revenue for the quarter came in at $17 million, compared with
last year's $934,000 and the $21.9 million analysts were
expecting.
Stronghold said that as of Dec. 31, it had received about 14.700
cryptocurrency miners. The company's hash rate has been negatively
affected by delays in miner deliveries, delays in data-center
buildout and operational challenges at its Scrubgrass power
plant.
As of Dec. 31, Stronghold had about 182 bitcoin on its balance
sheet.
Northland Capital Markets cut its price target for Stronghold
stock to $15 from $20 a share, while maintaining its Outperform
rating.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 30, 2022 12:32 ET (16:32 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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