Bitfarms (NASDAQ:BITF) Given “Buy” Rating at HC Wainwright

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

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

Bitfarms Stock Up 7.1 %

Shares of NASDAQ BITF traded up $0.15 during midday trading on Thursday, reaching $2.26. 37,474,020 shares of the company’s stock were exchanged, compared to its average volume of 23,298,137. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. Bitfarms has a 52-week low of $1.01 and a 52-week high of $3.91. The business’s fifty day moving average price is $2.03 and its two-hundred day moving average price is $2.23. The stock has a market capitalization of $1.02 billion, a PE ratio of -6.19 and a beta of 3.64.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Tidal Investments LLC increased its position in Bitfarms by 58.4% in the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares during the period. Marshall Wace LLP bought a new stake in Bitfarms in the second quarter valued at approximately $4,016,000. Van ECK Associates Corp lifted its holdings in Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after purchasing an additional 1,404,895 shares during the last quarter. Vident Advisory LLC boosted its holdings in shares of Bitfarms by 51.4% during the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after buying an additional 885,217 shares during the period. Finally, Quadrature Capital Ltd bought a new stake in shares of Bitfarms during the first quarter worth approximately $1,640,000. Institutional investors and hedge funds 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.