Bitfarms (NASDAQ:BITF) Given New $3.70 Price Target at HC Wainwright

Bitfarms (NASDAQ:BITF) had its target price reduced by HC Wainwright from $4.00 to $3.70 in a report released on Tuesday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

A number of other research firms have also issued reports on BITF. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $3.00 target price (up from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, January 21st. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.14.

Bitfarms Price Performance

NASDAQ:BITF opened at $1.95 on Tuesday. Bitfarms has a 52 week low of $0.67 and a 52 week high of $6.60. The stock’s fifty day moving average is $2.22 and its two-hundred day moving average is $2.89. The company has a market capitalization of $1.18 billion, a P/E ratio of -8.48 and a beta of 3.81. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On Bitfarms

Large investors have recently modified their holdings of the company. Farther Finance Advisors LLC boosted its stake in Bitfarms by 144.7% during the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock worth $26,000 after purchasing an additional 6,510 shares during the period. Equitable Holdings Inc. purchased a new stake in shares of Bitfarms in the fourth quarter valued at about $27,000. US Bancorp DE purchased a new stake in shares of Bitfarms in the third quarter valued at about $34,000. State of Wisconsin Investment Board acquired a new stake in shares of Bitfarms during the fourth quarter worth about $32,000. Finally, SummitTX Capital L.P. acquired a new stake in shares of Bitfarms during the fourth quarter worth about $34,000. 20.59% of the stock is owned by institutional investors and hedge funds.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.