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

HC Wainwright reaffirmed their buy rating on shares of Bitfarms (NASDAQ:BITF) in a research report released on Thursday,Benzinga reports. They currently have a $4.00 target price on the stock.

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bitfarms presently has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Price Performance

BITF opened at $2.25 on Thursday. The company has a quick ratio of 5.09, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average price is $2.04 and its 200 day moving average price is $2.24. Bitfarms has a fifty-two week low of $1.01 and a fifty-two week high of $3.91. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -6.25 and a beta of 3.64.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently added to or reduced their stakes in BITF. HighTower Advisors LLC purchased a new stake in shares of Bitfarms during the third quarter valued at $25,000. Lifeworks Advisors LLC purchased a new stake in shares of Bitfarms in the third quarter valued at $37,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms during the second quarter valued at $38,000. Shell Asset Management Co. purchased a new stake in Bitfarms in the 1st quarter worth about $43,000. Finally, Chesapeake Capital Corp IL grew its stake in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after acquiring an additional 4,800 shares in the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

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.