Sphere 3D initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Sphere 3D with a Buy rating and $5 price target. The analyst says a “resurrection” has Sphere 3D rising as a focused bitcoin miner. The firm sees potential in the shares for investors, saying the past 12-month window offered the company time to develop the foundation 1.3-1.4Eh/s of active mining, retire all debt from the balance sheet, and shaped the opportunity to claw back some $35M in cash allocated for hosting space that its partners failed to secure for it.