Bitfarms (NASDAQ:BITF) Price Target Cut to $3.50 by Analysts at HC Wainwright

Bitfarms (NASDAQ:BITF) had its price objective trimmed by HC Wainwright from $4.00 to $3.50 in a report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Alliance Global Partners initiated coverage on Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $3.97.

Bitfarms Price Performance

BITF opened at $0.95 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The stock has a market capitalization of $456.85 million, a PE ratio of -2.65 and a beta of 3.68. The stock’s 50 day moving average price is $1.29 and its 200-day moving average price is $1.73. Bitfarms has a 52-week low of $0.93 and a 52-week high of $3.28.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, March 27th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.07. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The business had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million. On average, equities research analysts predict that Bitfarms will post -0.21 EPS for the current year.

Institutional Trading of Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC bought a new stake in Bitfarms in the third quarter worth $25,000. Money Concepts Capital Corp bought a new position in Bitfarms in the 4th quarter worth about $30,000. Guided Capital Wealth Management LLC purchased a new stake in Bitfarms during the 4th quarter valued at about $30,000. National Bank of Canada FI increased its stake in Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after purchasing an additional 19,877 shares in the last quarter. Finally, Olympiad Research LP purchased a new position in Bitfarms in the fourth quarter worth about $36,000. Hedge funds and other 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.