HC Wainwright Cuts Bitfarms (NASDAQ:BITF) Price Target to $3.70

Bitfarms (NASDAQ:BITF) had its target price trimmed by HC Wainwright from $4.00 to $3.70 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, January 21st. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.00 target price (up from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and a consensus price target of $4.14.

Bitfarms Price Performance

Shares of NASDAQ:BITF opened at $1.98 on Tuesday. The stock’s 50-day moving average price is $2.19 and its two-hundred day moving average price is $2.87. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. Bitfarms has a 12-month low of $0.67 and a 12-month high of $6.60. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -8.61 and a beta of 3.77.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. increased its stake in Bitfarms by 8.6% during the third quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock worth $40,533,000 after acquiring an additional 1,138,549 shares during the last quarter. Vident Advisory LLC lifted its stake in shares of Bitfarms by 70.0% in the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock valued at $9,538,000 after purchasing an additional 4,677,425 shares in the last quarter. CastleKnight Management LP grew its holdings in shares of Bitfarms by 20.4% during the 4th quarter. CastleKnight Management LP now owns 8,293,169 shares of the company’s stock worth $19,489,000 after purchasing an additional 1,407,769 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Bitfarms by 36.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,060,389 shares of the company’s stock worth $19,941,000 after purchasing an additional 1,898,490 shares during the period. Finally, Thames Capital Management LLC acquired a new stake in Bitfarms during the 3rd quarter worth approximately $19,834,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.