H.C. Wainwright reiterates its buy rating on DMG Blockchain. The crypto company had its revenue quadruple in fiscal 2022. DMG stock has already gained 100% since the start of the year.

Shares of DMG Blockchain Solutions Inc (CVE: DMGI) have already more than doubled this year but an H.C. Wainwright analyst is convinced the stock still has massive room to the upside.

On Thursday, Kevin Dede reiterated his “buy” rating on the blockchain firm. His C$1.0 price objective suggests another 200% upside from here.

The bullish call arrives only days after DMG Blockchain Solutions said a sharp increase in bitcoin mining saw its revenue more than quadruple in fiscal 2022 to C$43.2 million.

DMG closed out the fiscal year at 700 Ph/s up from 15 Ph/s at the end of fiscal 2021, while ending CY22 at 900 PH/s.

DMG Blockchain Solutions is currently pending delivery of Bitmain XP machines that, the analyst noted, will improve its hash rate by another 42 Ph/s.

Dede likes DMG also for its healthy profit margins. The cryptocurrency company mined 200 bitcoins in its fourth financial quarter at an average cost of about $10,000. The research note reads:

[DMG] is holding approximately C$10.3 million of cash and digital currencies, and little debt, but adding C$1M in December quarter, FY1Q23, merely testing the waters in consideration of funding its 2 Eh/s CY23 mining target.

Other reasons cited for reinforcing the bullish view included its commitment to significantly expanding its footprint in software and services that currently make up only 5.0% of its annual sales.

DMG’s Core+, the analyst concluded, positions it to easily navigate the growing regulations as well.

The post This crypto stock could nearly triple from here: H.C. Wainwright appeared first on CoinJournal.

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