Bitfarms (NASDAQ:BITF) Earns “Buy” Rating from HC Wainwright

Bitfarms (NASDAQ:BITF)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research note issued to investors on Friday,Benzinga reports. They presently have a $4.00 price objective on the stock, down from their prior price objective of $5.50. HC Wainwright’s price target would indicate a potential upside of 54.74% from the stock’s current price.

A number of other equities research analysts also recently weighed in on BITF. B. Riley reissued a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Compass Point initiated coverage on shares of Bitfarms in a research note on Monday, September 15th. They set a “buy” rating for the company. Jones Trading assumed coverage on Bitfarms in a report on Monday, July 21st. They issued a “buy” rating and a $2.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Bitfarms from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Eight analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.54.

Bitfarms Trading Down 0.6%

BITF traded down $0.02 during midday trading on Friday, reaching $2.59. 62,789,683 shares of the company were exchanged, compared to its average volume of 44,319,254. Bitfarms has a one year low of $0.67 and a one year high of $6.60. The stock has a market capitalization of $1.46 billion, a P/E ratio of -15.15 and a beta of 3.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The stock’s 50-day simple moving average is $3.51 and its 200 day simple moving average is $1.92.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The company had revenue of $77.80 million during the quarter, compared to analyst estimates of $79.78 million. As a group, analysts forecast that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its holdings in Bitfarms by 8.6% in the third quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock valued at $40,533,000 after purchasing an additional 1,138,549 shares during the period. Vident Advisory LLC lifted its stake in Bitfarms by 70.0% in the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock valued at $9,538,000 after buying an additional 4,677,425 shares in the last quarter. Thames Capital Management LLC acquired a new stake in Bitfarms during the 3rd quarter valued at $19,834,000. Aurelius Capital Management LP purchased a new position in Bitfarms during the third quarter worth $18,999,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Bitfarms by 28.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company’s stock worth $4,316,000 after buying an additional 1,223,201 shares during the period. 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.