HC Wainwright Lowers Bitfarms (NASDAQ:BITF) Price Target to $3.50

Bitfarms (NASDAQ:BITF) had its price objective reduced by HC Wainwright from $4.00 to $3.50 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

BITF has been the subject of several other research reports. Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Alliance Global Partners assumed coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bitfarms presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.97.

Bitfarms Price Performance

BITF opened at $0.84 on Thursday. The stock’s 50-day moving average price is $1.27 and its 200 day moving average price is $1.72. Bitfarms has a 12-month low of $0.82 and a 12-month high of $3.28. The firm has a market cap of $403.93 million, a price-to-earnings ratio of -2.34 and a beta of 3.68. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, March 27th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.07. The business had revenue of $54.40 million for the quarter, compared to analysts’ expectations of $54.22 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. As a group, sell-side analysts expect that Bitfarms will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently modified their holdings of the company. HighTower Advisors LLC acquired a new position in shares of Bitfarms during the third quarter worth $25,000. Money Concepts Capital Corp acquired a new position in shares of Bitfarms during the 4th quarter worth about $30,000. Guided Capital Wealth Management LLC acquired a new position in shares of Bitfarms during the 4th quarter worth about $30,000. National Bank of Canada FI increased its holdings in shares of Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after acquiring an additional 19,877 shares during the last quarter. Finally, Olympiad Research LP acquired a new stake in shares of Bitfarms during the 4th quarter worth about $36,000. 20.59% of the stock is currently 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.