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

Bitfarms (NASDAQ:BITF)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a report issued on Tuesday, Benzinga reports. They currently have a $4.00 price objective on the stock. HC Wainwright’s target price would indicate a potential upside of 63.93% from the company’s current price.

BITF has been the topic of several other research reports. Cantor Fitzgerald began coverage on Bitfarms in a report on Tuesday, June 11th. They set an “overweight” rating and a $5.00 price objective on the stock. Northland Securities started coverage on Bitfarms in a report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price objective on the stock. Stifel Nicolaus lowered Bitfarms from a “speculative buy” rating to a “hold” rating and dropped their price objective for the stock from $3.25 to $2.30 in a research note on Thursday, May 30th. Finally, B. Riley dropped their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Friday, May 17th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.88.

Bitfarms Stock Performance

BITF opened at $2.44 on Tuesday. The firm has a market capitalization of $998.72 million, a P/E ratio of -6.42 and a beta of 3.68. The stock’s 50 day moving average price is $2.32 and its two-hundred day moving average price is $2.43. The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. Bitfarms has a 12-month low of $0.92 and a 12-month high of $3.91.

Bitfarms (NASDAQ:BITF) last released its earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. The firm had revenue of $50.32 million for the quarter, compared to analyst estimates of $50.51 million. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. On average, equities analysts forecast that Bitfarms will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

Hedge funds have recently added to or reduced their stakes in the company. Bellecapital International Ltd. bought a new position in Bitfarms during the fourth quarter worth about $66,000. Shariaportfolio Inc. bought a new position in Bitfarms during the fourth quarter worth about $2,051,000. Sloy Dahl & Holst LLC bought a new position in Bitfarms during the fourth quarter worth about $44,000. Baader Bank Aktiengesellschaft bought a new position in Bitfarms during the fourth quarter worth about $804,000. Finally, Vontobel Holding Ltd. boosted its holdings in Bitfarms by 7.8% during the fourth quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company’s stock worth $238,000 after buying an additional 5,900 shares during the last quarter. 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.