Stronghold Digital Mining (NASDAQ:SDIG) shares are falling more than 31% to hit a new one-year low, as D.A. Davidson analyst Christopher Brendler lowers top line estimates following a disappointing Q4 as well as full-year guidance. For 2022, Brendler is targeting a hashrate of 6.4 exahash per second vs. 7.4 EH/s in the prior view. Sees hashrate expanding to 12.6 EH/s in 2023 compared with 14.4 EH/s in the previous forecast. The analyst also slightly cut the company's 2022 revenue estimate to $263M from $264M previously. Expects 2022 EBITDA at $124M vs. $131M in the prior view. This comes as Bitcoin (BTC-USD) miners could face margin compression due to rapidly rising energy costs. Still, Brendler is reiterating a Buy on the company's stock given that SDIG is "still super cheap trading at just 4.5x our new lower 2022 EBITDA estimate." Shares of SDIG are off 75% Y/Y, 46% YTD and 45% M/M. D.A. Davidson's Buy rating agrees with Wall
