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Investing.com - Benchmark has reiterated its Buy rating on Semler Scientific (NASDAQ:SMLR) with a price target of $101.00, representing a significant upside from the current price of $42.72. According to InvestingPro data, analysts maintain a strong consensus recommendation of 1.5 (where 1 is Strong Buy).
The firm’s decision is based on a sum-of-parts analysis that includes its estimate of the market value of Semler’s bitcoin holdings projected through year-end 2026, along with the estimated value of the company’s healthcare business. The company maintains impressive gross profit margins of 91%, though InvestingPro analysis indicates potential challenges ahead with expected sales decline in the current year.
Benchmark notes that Semler currently trades at a market Net Asset Value (mNAV) multiple of 1.24, which trails behind other bitcoin acquisition companies like MSTR and Metaplanet, which trade at mNAV multiples of 1.97 and 3.46, respectively.
The firm observes that bitcoin acquisition companies with lower mNAV multiples typically have weaker bitcoin "flywheels," resulting in lower accretion associated with their securities issuance and bitcoin purchases.
Semler Scientific operates primarily as a healthcare company but has expanded its business strategy to include bitcoin holdings as part of its asset portfolio.
In other recent news, Semler Scientific has reported raising approximately $114.8 million through the sale of 3,003,488 shares of its common stock under a Controlled Equity Offering Sales Agreement. The proceeds from this offering have been partially used to acquire 455 Bitcoin, bringing the company’s total Bitcoin holdings to 4,264. Furthermore, Semler Scientific has introduced a new subsidiary, CardioVanta, Inc., focusing on early detection of heart failure and cardiac arrhythmia monitoring. CardioVanta will operate as a software-as-a-service business model and seek external investment to fund its initial capital needs. In addition, Benchmark has initiated coverage on Semler Scientific with a Buy rating, highlighting the company’s strategic pivot to adopt Bitcoin as its primary treasury reserve asset. The research firm noted that Semler’s approach mirrors that of MicroStrategy, which Benchmark also rates as Buy. Additionally, Semler Scientific has appointed Ms. Natalie Brunell to its Board of Directors, where she will also serve on the Bitcoin Strategy Committee. These developments represent Semler’s ongoing strategy to integrate its operations in both the medical technology and cryptocurrency sectors.
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