Bitfarms (NASDAQ:BITF) Receives Buy Rating from HC Wainwright

Bitfarms (NASDAQ:BITFGet Free Report)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $4.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 63.93% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Stifel Nicolaus lowered shares of Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their price target for the company from $3.25 to $2.30 in a report on Thursday, May 30th. B. Riley decreased their price objective on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, May 17th. Northland Securities began coverage on shares of Bitfarms in a research report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price objective for the company. Finally, Cantor Fitzgerald began coverage on shares of Bitfarms in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

Get Our Latest Stock Analysis on BITF

Bitfarms Price Performance

NASDAQ:BITF opened at $2.44 on Tuesday. Bitfarms has a one year low of $0.92 and a one year high of $3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.02 and a current ratio of 3.02. The firm has a market cap of $998.72 million, a price-to-earnings ratio of -6.42 and a beta of 3.68. The firm’s fifty day moving average is $2.32 and its two-hundred day moving average is $2.43.

Bitfarms (NASDAQ:BITFGet Free Report) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.01. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. The company had revenue of $50.32 million for the quarter, compared to analyst estimates of $50.51 million. Research analysts expect that Bitfarms will post -0.21 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Cetera Advisors LLC grew its stake in Bitfarms by 40.8% during the 1st quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock valued at $1,523,000 after acquiring an additional 198,470 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Bitfarms during the 1st quarter valued at about $1,558,000. Tidal Investments LLC grew its stake in Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after acquiring an additional 2,571,647 shares in the last quarter. Bayesian Capital Management LP grew its stake in Bitfarms by 116.3% during the 1st quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after acquiring an additional 34,200 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in Bitfarms during the 1st quarter valued at about $1,640,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

About Bitfarms

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Bitfarms (NASDAQ:BITF)

Receive News & Ratings for Bitfarms Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bitfarms and related companies with MarketBeat.com's FREE daily email newsletter.