HC Wainwright Reiterates “Buy” Rating for Bitfarms (NASDAQ:BITF)

Bitfarms (NASDAQ:BITF)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a note issued to investors on Friday,Benzinga reports. They currently have a $4.00 price objective on the stock, down from their previous price objective of $5.50. HC Wainwright’s target price would indicate a potential upside of 54.74% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Jones Trading assumed coverage on shares of Bitfarms in a research report on Monday, July 21st. They issued a “buy” rating and a $2.00 price objective on the stock. Wall Street Zen raised Bitfarms from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Northland Securities set a $7.00 price objective on shares of Bitfarms in a research report on Monday, October 13th. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and a consensus target price of $4.54.

Bitfarms Stock Performance

Shares of Bitfarms stock traded down $0.02 during trading hours on Friday, reaching $2.59. The company had a trading volume of 62,789,683 shares, compared to its average volume of 44,319,254. The business has a fifty day simple moving average of $3.51 and a 200 day simple moving average of $1.92. Bitfarms has a one year low of $0.67 and a one year high of $6.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The firm has a market cap of $1.46 billion, a PE ratio of -15.15 and a beta of 3.77.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The business had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. On average, analysts anticipate that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE acquired a new stake in Bitfarms during the 3rd quarter worth about $34,000. SG Americas Securities LLC purchased a new position in Bitfarms during the third quarter valued at approximately $51,000. Weaver Consulting Group acquired a new position in Bitfarms in the 3rd quarter valued at approximately $57,000. PFG Investments LLC acquired a new stake in shares of Bitfarms during the 3rd quarter valued at $71,000. Finally, Truefg LLC purchased a new position in shares of Bitfarms during the 3rd quarter valued at $73,000. Institutional investors and hedge funds 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.