Bitfarms (NASDAQ:BITF) Receives Buy Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Bitfarms (NASDAQ:BITF) in a report issued on Monday morning, Benzinga reports. The firm currently has a $4.00 price objective on the stock.

BITF has been the subject of several other reports. Cantor Fitzgerald started coverage on Bitfarms in a research note on Tuesday, June 11th. They issued an overweight rating and a $5.00 price objective for the company. Stifel Nicolaus downgraded Bitfarms from a speculative buy rating to a hold rating and decreased their target price for the stock from $3.25 to $2.30 in a research report on Thursday, May 30th. B. Riley decreased their target price on Bitfarms from $4.00 to $3.00 and set a buy rating for the company in a research report on Friday, May 17th. Finally, Northland Securities started coverage on Bitfarms in a research report on Thursday, April 25th. They issued an outperform rating and a $4.00 target price for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $3.88.

Bitfarms Stock Up 9.4 %

Shares of NASDAQ:BITF opened at $3.14 on Monday. The business’s 50 day simple moving average is $2.04 and its two-hundred day simple moving average is $2.40. The firm has a market cap of $1.23 billion, a P/E ratio of -8.26 and a beta of 3.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.02 and a current ratio of 3.02. Bitfarms has a 52-week low of $0.92 and a 52-week high of $3.91.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.01. The business had revenue of $50.32 million for the quarter, compared to analyst estimates of $50.51 million. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. As a group, research analysts forecast that Bitfarms will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several large investors have recently added to or reduced their stakes in the business. Cetera Advisors LLC boosted its stake in Bitfarms by 40.8% during the first quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock valued at $1,523,000 after buying an additional 198,470 shares during the period. Cetera Investment Advisers bought a new stake in Bitfarms during the first quarter worth about $1,558,000. Tidal Investments LLC lifted its stake in Bitfarms by 58.4% during the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares during the last quarter. Bayesian Capital Management LP lifted its stake in Bitfarms by 116.3% during the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock worth $142,000 after purchasing an additional 34,200 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Bitfarms during the first quarter worth about $1,640,000. Institutional investors own 20.59% of the company’s stock.

About Bitfarms

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.