Bitfarms Ltd. (BITF) Hits New High on Bullish Rating, PT

We recently published 10 Stocks Stealing Wall Street’s Spotlight. Bitfarms Ltd. (NASDAQ:BITF) is one of the best performers on Monday.

Bitfarms extended its winning streak to an 8th straight day on Monday to climb to a new all-time high, as investors took heart from an investment firm’s more-than-doubled price target and optimistic rating for its stock.

In the intra-day session, Bitfarms Ltd. (NASDAQ:BITF) surged to its highest price of $5.42 before paring gains to end the day just up by 28.33 percent at $5.39 apiece.

This followed Northland’s “outperform” rating and price target upgrade for its shares to $7, more than double the $3.25 previously, following Bitfarms Ltd.’s (NASDAQ:BITF) conversion of a $300 million debt facility into funds solely for the development of a data center campus in Panther Creek, Pennsylvania.

The total amount, which was loaned from Macquarie Group, ultimately supports the company’s ramped-up expansion into AI servicing.

Bitfarms Ltd. (NASDAQ:BITF) said it would draw an additional $50 million from the converted facility to fund the civil works and construction of a substation set to begin before the end of the year.

“Converting the facility to the project level enables us to draw down on the full facility, accelerating our construction timelines, providing increased flexibility, and positioning us to capitalize on the substantial demand for HPC/AI infrastructure in Pennsylvania,” said Bitfarms Ltd. (NASDAQ:BITF) CEO Ben Gagnon.

While we acknowledge the risk and potential of BITF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BITF and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.