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

HC Wainwright restated their buy rating on shares of Bitfarms (NASDAQ:BITF) in a report released on Thursday,Benzinga reports. They currently have a $4.00 price target on the stock.

Separately, Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Performance

NASDAQ BITF opened at $2.25 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The stock’s 50 day simple moving average is $2.04 and its 200-day simple moving average is $2.23. The company has a market cap of $1.02 billion, a PE ratio of -6.25 and a beta of 3.64. Bitfarms has a 1-year low of $1.01 and a 1-year high of $3.91.

Institutional Investors Weigh In On Bitfarms

A number of large investors have recently made changes to their positions in BITF. Tidal Investments LLC boosted 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 buying an additional 2,571,647 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Bitfarms during the 2nd quarter worth $4,016,000. Van ECK Associates Corp grew its holdings in shares of Bitfarms by 37.4% in the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after purchasing an additional 1,404,895 shares during the period. Weiss Asset Management LP grew its holdings in shares of Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after purchasing an additional 1,004,400 shares during the period. Finally, Vident Advisory LLC increased its position in Bitfarms by 51.4% during the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after purchasing an additional 885,217 shares during the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.