Bitfarms (NASDAQ:BITF) Given Buy Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Bitfarms (NASDAQ:BITF) in a research note published on Tuesday morning, Benzinga reports. HC Wainwright currently has a $4.00 price objective on the stock.

A number of other analysts have also recently weighed in on the company. B. Riley restated a buy rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, December 14th. Cantor Fitzgerald raised their price target on Bitfarms from $2.00 to $3.00 and gave the company an overweight rating in a research note on Thursday, January 25th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Bitfarms presently has an average rating of Buy and a consensus price target of $4.25.

Bitfarms Stock Up 3.2 %

Shares of NASDAQ BITF opened at $2.23 on Tuesday. The stock has a market cap of $745.15 million, a P/E ratio of -6.03 and a beta of 3.71. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. Bitfarms has a 12-month low of $0.82 and a 12-month high of $3.91. The business’s fifty day simple moving average is $2.61 and its 200-day simple moving average is $2.02.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. The business had revenue of $46.24 million for the quarter, compared to analysts’ expectations of $39.68 million. During the same period last year, the firm earned ($0.07) earnings per share. As a group, equities analysts predict that Bitfarms will post -0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in BITF. Portside Wealth Group LLC purchased a new position in shares of Bitfarms during the second quarter worth about $25,000. Capital Performance Advisors LLP acquired a new stake in Bitfarms in the fourth quarter valued at about $29,000. Creative Planning acquired a new stake in Bitfarms in the fourth quarter valued at about $33,000. Pasadena Private Wealth LLC acquired a new stake in Bitfarms in the fourth quarter valued at about $34,000. Finally, Kestra Advisory Services LLC acquired a new stake in Bitfarms in the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transaction fees. The company also provides electrician services to commercial and residential customers in Quebec, Canada.