Bitfarms’ (BITF) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Bitfarms (NASDAQ:BITF) in a report issued on Friday,Benzinga reports. The firm currently has a $4.00 price objective on the stock, down from their previous price objective of $5.50.

Several other research firms have also recently weighed in on BITF. Compass Point initiated coverage on Bitfarms in a research note on Monday, September 15th. They set a “buy” rating on the stock. Wall Street Zen raised shares of Bitfarms from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. B. Riley reiterated a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Macquarie reissued an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Finally, Jones Trading assumed coverage on shares of Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 price target on the stock. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and a consensus price target of $4.54.

Bitfarms Trading Down 0.8%

NASDAQ BITF opened at $2.58 on Friday. The firm’s 50 day moving average price is $3.54 and its two-hundred day moving average price is $1.95. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. Bitfarms has a twelve month low of $0.67 and a twelve month high of $6.60. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -11.22 and a beta of 3.76.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). The business had revenue of $69.25 million for the quarter, compared to the consensus estimate of $84.66 million. Bitfarms had a negative return on equity of 4.42% and a negative net margin of 48.26%. Equities analysts anticipate that Bitfarms will post -0.21 EPS for the current year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of the company. US Bancorp DE bought a new position in Bitfarms in the 3rd quarter worth $34,000. SG Americas Securities LLC bought a new position in shares of Bitfarms in the third quarter worth about $51,000. Weaver Consulting Group acquired a new position in shares of Bitfarms during the 3rd quarter worth about $57,000. PFG Investments LLC bought a new stake in Bitfarms during the 3rd quarter valued at approximately $71,000. Finally, Truefg LLC bought a new stake in Bitfarms during the 3rd quarter valued at approximately $73,000. 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.