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

Bitfarms (NASDAQ:BITF)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research note issued on Friday,Benzinga reports. They presently have a $4.00 target price on the stock, down from their previous target price of $5.50. HC Wainwright’s target price suggests a potential upside of 55.04% from the stock’s current price.

BITF has been the topic of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Northland Securities set a $7.00 price target on Bitfarms in a report on Monday, October 13th. Macquarie restated an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. Jones Trading began coverage on Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 target price on the stock. Finally, B. Riley reiterated a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Bitfarms presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.54.

Bitfarms Stock Performance

NASDAQ BITF opened at $2.58 on Friday. The business’s 50 day moving average price is $3.54 and its 200-day moving average price is $1.94. Bitfarms has a fifty-two week low of $0.67 and a fifty-two week high of $6.60. The company has a market cap of $1.45 billion, a P/E ratio of -11.22 and a beta of 3.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.42%. The company had revenue of $69.25 million during the quarter, compared to analyst estimates of $84.66 million. Sell-side analysts predict that Bitfarms will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently made changes to their positions in the company. US Bancorp DE bought a new position in Bitfarms during the 3rd quarter worth about $34,000. Arkadios Wealth Advisors purchased a new stake in shares of Bitfarms in the 1st quarter worth approximately $39,000. WINTON GROUP Ltd bought a new position in shares of Bitfarms during the second quarter valued at approximately $43,000. Baker Avenue Asset Management LP purchased a new position in Bitfarms during the second quarter valued at approximately $50,000. Finally, SG Americas Securities LLC bought a new position in Bitfarms in the third quarter worth approximately $51,000. 20.59% of the stock is currently owned by institutional investors.

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.