Latest news with #JonathanPetersen
Yahoo
a day ago
- Business
- Yahoo
Mining Profitability Climbed Over 5% in June as Hashrate Fell, BTC Price Rose: Jefferies
Bitcoin (BTC) mining profitability increased 5.3% in June, buoyed by a 1.2% increase in the cryptocurrency's price and a 6.7% drop in the network hashrate, according to a report by investment bank Jefferies. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. It is measured in exahashes per second (EH/s). The profitability boost came as extreme summer heat across the U.S. drove up energy prices, prompting less efficient miners to throttle operations. So far in July, bitcoin has surged past $123,000, to set a new all-time high driven by increasingly favorable crypto regulation and a weakening U.S. dollar following tariff-related comments from President Donald Trump. The macro and regulatory backdrop has intensified investor interest and provided a fresh tailwind for mining firms, the report said. Despite the improved profitability, North American public miners saw a month-over-month decline in bitcoin production, analysts Jonathan Petersen and Jan Aygul wrote. In June, they mined a total of 3,382 BTC, down from 3,754 in May. They accounted for 25.1% of the global network, versus 26.3% the prior month, the report noted. MARA (MARA) led in output with 713 BTC mined, followed by CleanSpark with 685 tokens. MARA also maintained its lead in energized hashrate, posting 57.4 EH/s at the end of June, down slightly from May's 58.3 EH/s. CLSK held the second-highest hashrate at 45.3 EH/s, the bank said. Bitcoin mining economics improved last month. A hypothetical 1 EH/s mining fleet would have generated approximately $57,000 in daily revenue during June, up from $54,000 in May, the report added.
CNBC
6 days ago
- Business
- CNBC
Jefferies sees Mike Novogratz's Galaxy Digital rallying another 20%
Galaxy Digital is poised to benefit from clearer cryptocurrency regulations as well as demand for artificial intelligence data centers, according to Jefferies. The investment bank initiated coverage of the crypto-linked stock on Tuesday with a buy rating and $35 price target, implying about 20% upside over the next 12 months from Tuesday's close. Galaxy is a provider of crypto financial services — including trading, asset management, staking, lending, self-custody products — that ventured into bitcoin mining in 2020. That business, like other bitcoin miners in recent years, has since pivoted its mining sites into AI data center developments. Specifically, the company's Helios facility in West Texas serves CoreWeave 's AI and high-performance computing operations. GLXY 1Y mountain Galaxy Digital shares over past 12 months. Most of Galaxy's current value and growth potential is tied to those data centers, Jefferies analyst Jonathan Petersen said in a note. "The CRWV lease at Helios was a transformational deal for GLXY, requiring a reconsideration of the value of that site," the analyst said. "Similarly, the passage of the GENIUS Act provides favorable market structure for GLXY's Digital Assets business, and re-rates its value." After President Donald Trump signed the first crypto bill into law last week, a more favorable crypto regulatory environment should allow Galaxy to drive further institutional adoption and demand for its crypto services. "Our $35 price target is based on a sum-of-the-parts (SOTP) analysis, with approximately two-thirds of the value stemming from the data center business," Petersen added. —CNBC's Michael Bloom contributed reporting.
Yahoo
08-07-2025
- Business
- Yahoo
Core Scientific, Bitcoin Miners Tumble on CoreWeave Buyout; Jefferies Says Price in Expected Range
AI infrastructure firm CoreWeave (CRWV) has agreed to buy bitcoin (BTC) miner Core Scientific (CORZ) in an all-stock deal valuing CORZ at approximately $20.40 per share, based on recent closing prices. The offer price is near the middle of investment bank Jefferies' prior estimated takeout range of $16–$23/share. The deal is expected to close in Q4 2025. Core Scientific shares were 22% lower, trading around $14 at publication time, while fellow bitcoin miners and possible high performance computing plays like HUT 8 (HUT) and Cleanspark (CLSK) were down more than 7%. Another similarly-situated miner, IREN (IREN), however, was higher by 3%. Coreweave shares were lower by 3.3%. Jefferies analysts previously noted that CoreWeave's strong post-IPO share performance put it in a favorable position to pursue large-scale M&A. The bank sees the move as a strategic effort to vertically integrate CoreWeave's infrastructure and reduce reliance on long-term leases and third-party developers. CoreWeave is well-positioned to use its relatively low cost of equity to replace long-term lease obligations and take direct control of data center assets, analysts Jonathan Petersen and Jan Aygul wrote. The deal underscores the accelerating trend of consolidation in the AI infrastructure and high-performance computing (HPC) space, as vertically integrated providers seek scale and control. For CoreWeave, the move positions it as not just a supplier of compute, but a full-stack infrastructure operator, an increasingly critical posture as demand from AI firms and cloud-native enterprises continues to surge. Acquiring Core Scientific's data center capacity and platform allows CoreWeave to expand owned infrastructure and better control future capacity expansion, the analysts said. Core Scientific has also been seeking new leases with hyperscalers, and the analysts suggested that CoreWeave may be aiming to secure that space before new deals are finalized. Jefferies has a buy rating on Core Scientific shares with an $18 price target.
Yahoo
28-06-2025
- Business
- Yahoo
Jefferies sees potential Core Scientific takeout value range of $16-$23
After The Wall Street Journal reported that CoreWeave (CRWV) is in talks to acquire Core Scientific (CORZ), Jefferies analyst Jonathan Petersen contends that the combination of the two 'makes strategic sense' as it would allow CoreWeave to vertically integrate its infrastructure, reduce operating expense and use the Core Scientific platform to grow its data center development pipeline. The firm, which estimates a potential takeout value range of $16-$23, has a Buy rating and $16 price target on Core Scientific shares and a Buy rating and $180 price target on CoreWeave. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on CORZ: Disclaimer & DisclosureReport an Issue Core Scientific could get north of $30/share in buyout, says Cantor Fitzgerald JPMorgan continues to recommend Riot after Core Scientific report Strategic Acquisition and Capacity Expansion Drive Buy Rating for Core Scientific Inc. M&A News: CoreWeave (CRWV) Is Reportedly in Talks to Acquire Core Scientific Closing Bell Movers: Nike gains 10% on more positive earnings call
Yahoo
28-05-2025
- Business
- Yahoo
Positive Momentum Ahead for STAG, According to Jefferies
With earnings season mostly wrapped up, Jefferies has pointed to a few standout companies that appear well-positioned for the road ahead. Among those is STAG Industrial, Inc. (NYSE:STAG), which the firm recently highlighted as one of several buy-rated stocks that beat earnings expectations and offered strong guidance. STAG Industrial, Inc. (NYSE:STAG) currently offers a dividend yield of 4.21% and has risen by over 7.5% so far this year. The real estate investment trust owns a broad mix of industrial real estate, including warehouses and light manufacturing properties. Based on Tuesday's closing price, Jefferies believes the stock has about 29% upside to its $45 price target. In the first quarter, STAG Industrial, Inc. (NYSE:STAG) reported core funds from operations of $0.61 per share, slightly ahead of the $0.60 estimate from FactSet. Revenue reached $205.6 million, also beating the analyst consensus of $201.1 million. Analyst Jonathan Petersen noted a 27.3% increase in cash-leasing spreads, which measure the difference in rent from new and renewed leases compared to those that expired. He made the following comment: "We expect leasing spreads will continue to trend positively vs coastal peers over the next few years driven by demand related to onshoring of manufacturing and supply chain reconfiguration." STAG Industrial, Inc. (NYSE:STAG) is a solid dividend payer that offers monthly dividends to shareholders. The company has kept its dividend steady since 2011. While we acknowledge the potential of STAG as an investment, our conviction lies in the belief that some deeply undervalued dividend stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for a deeply undervalued dividend stock that is more promising than STAG but that trades at 10 times its earnings and grows its earnings at double digit rates annually, check out our report about the . READ MORE: and Disclosure. None. Sign in to access your portfolio
