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

HC Wainwright reiterated their buy rating on shares of Bitfarms (NASDAQ:BITF) in a report published on Thursday morning, Benzinga reports. HC Wainwright currently has a $4.00 price objective on the stock.

Several other brokerages have also recently weighed in on BITF. Stifel Nicolaus cut Bitfarms from a speculative buy rating to a hold rating and dropped their target price for the company from $3.25 to $2.30 in a report on Thursday, May 30th. Cantor Fitzgerald initiated coverage on Bitfarms in a research note on Tuesday, June 11th. They set an overweight rating and a $5.00 price objective for the company. B. Riley decreased their target price on shares of Bitfarms from $4.00 to $3.00 and set a buy rating on the stock in a research note on Friday, May 17th. Finally, Northland Securities initiated coverage on shares of Bitfarms in a report on Thursday, April 25th. They set an outperform rating and a $4.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $3.88.

Bitfarms Trading Up 4.5 %

Shares of BITF opened at $2.79 on Thursday. Bitfarms has a fifty-two week low of $0.92 and a fifty-two week high of $3.91. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -7.34 and a beta of 3.68. The firm has a 50 day moving average price of $2.45 and a 200-day moving average price of $2.41. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.02 and a current ratio of 3.02.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, topping 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 business had revenue of $50.32 million during the quarter, compared to the consensus estimate of $50.51 million. As a group, equities research analysts forecast that Bitfarms will post -0.23 earnings per share for the current year.

Institutional Trading of Bitfarms

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in Bitfarms during the 4th quarter valued at $29,000. Sloy Dahl & Holst LLC bought a new position in Bitfarms in the fourth quarter worth about $44,000. VitalStone Financial LLC bought a new position in Bitfarms in the first quarter worth about $37,000. Evanson Asset Management LLC purchased a new stake in Bitfarms in the fourth quarter worth about $52,000. Finally, Headlands Technologies LLC boosted its position in Bitfarms by 64.7% during the 4th quarter. Headlands Technologies LLC now owns 18,908 shares of the company’s stock valued at $55,000 after acquiring an additional 7,429 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

About Bitfarms

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.