Bitfarms (NASDAQ:BITF) Price Target Lowered to $7.00 at HC Wainwright

Bitfarms (NASDAQ:BITF – Get Rating) had its target price decreased by HC Wainwright to $7.00 in a research report issued on Wednesday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target would suggest a potential upside of 253.54% from the company’s previous close.

Separately, Zacks Investment Research downgraded Bitfarms from a “hold” rating to a “strong sell” rating in a research report on Friday, April 1st.

BITF traded down $0.03 during trading on Wednesday, hitting $1.98. The company’s stock had a trading volume of 111,803 shares, compared to its average volume of 5,224,387. The firm’s 50 day moving average price is $3.17 and its two-hundred day moving average price is $4.52. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.02. Bitfarms has a 12 month low of $1.68 and a 12 month high of $9.36. The stock has a market capitalization of $394.02 million and a price-to-earnings ratio of 11.00.

Bitfarms (NASDAQ:BITF – Get Rating) last issued its quarterly earnings data on Monday, March 28th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.08). Bitfarms had a net margin of 13.06% and a return on equity of 9.38%. The business had revenue of $59.60 million during the quarter, compared to the consensus estimate of $62.60 million. On average, sell-side analysts forecast that Bitfarms will post 0.18 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in BITF. Morgan Stanley bought a new stake in shares of Bitfarms during the second quarter worth $817,000. Citadel Advisors LLC acquired a new stake in shares of Bitfarms during the second quarter worth $56,000. Advisor Group Holdings Inc. acquired a new stake in shares of Bitfarms during the third quarter worth $25,000. Creative Planning grew its stake in shares of Bitfarms by 59.4% during the third quarter. Creative Planning now owns 21,092 shares of the company’s stock worth $90,000 after purchasing an additional 7,864 shares during the period. Finally, PEAK6 Investments LLC acquired a new stake in shares of Bitfarms during the third quarter worth $259,000. Institutional investors own 17.21% of the company’s stock.

About Bitfarms (Get Rating)

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in North America. 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.

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