HC Wainwright Lowers Bitfarms (NASDAQ:BITF) Price Target to $3.50

Bitfarms (NASDAQ:BITF) had its price objective decreased by analysts at HC Wainwright from $4.00 to $3.50 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 272.26% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Alliance Global Partners started coverage on Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Bitfarms currently has a consensus rating of “Moderate Buy” and an average price target of $3.97.

Bitfarms Trading Down 4.8 %

Shares of BITF stock traded down $0.05 on Thursday, reaching $0.94. The company had a trading volume of 10,958,193 shares, compared to its average volume of 28,896,867. The stock has a market cap of $450.67 million, a PE ratio of -2.61 and a beta of 3.68. The company has a 50-day moving average of $1.30 and a 200-day moving average of $1.73. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. Bitfarms has a 12 month low of $0.93 and a 12 month high of $3.28.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BITF. HighTower Advisors LLC acquired a new position in Bitfarms during the 3rd quarter worth approximately $25,000. Money Concepts Capital Corp acquired a new position in Bitfarms during the fourth quarter worth $30,000. Guided Capital Wealth Management LLC acquired a new position in Bitfarms during the fourth quarter worth $30,000. National Bank of Canada FI grew its position in Bitfarms by 2,629.2% in the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after purchasing an additional 19,877 shares in the last quarter. Finally, Olympiad Research LP acquired a new stake in Bitfarms in the 4th quarter valued at $36,000. 20.59% of the stock is 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.