Bitfarms (NASDAQ:BITF) Given Buy Rating at HC Wainwright

Bitfarms (NASDAQ:BITF)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They currently have a $4.00 price objective on the stock. HC Wainwright’s price objective indicates a potential upside of 95.12% from the stock’s current price.

Several other research firms have also commented on BITF. Stifel Nicolaus lowered Bitfarms from a “speculative buy” rating to a “hold” rating and cut their price objective for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Trading Up 2.5 %

Shares of BITF traded up $0.05 on Monday, hitting $2.05. 12,402,908 shares of the stock traded hands, compared to its average volume of 22,192,098. Bitfarms has a 1 year low of $0.92 and a 1 year high of $3.91. The stock’s 50 day moving average is $2.29 and its two-hundred day moving average is $2.26. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $839.08 million, a P/E ratio of -5.37 and a beta of 3.64.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The business had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. As a group, sell-side analysts predict that Bitfarms will post -0.29 earnings per share for the current year.

Institutional Trading of Bitfarms

Hedge funds have recently bought and sold shares of the company. 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 valued at $15,555,000 after buying an additional 2,571,647 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after buying an additional 1,404,895 shares in the last quarter. Vident Advisory LLC raised 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 valued at $5,812,000 after buying an additional 885,217 shares during the period. Marshall Wace LLP purchased a new stake in Bitfarms in the 2nd quarter worth about $4,016,000. Finally, Cetera Investment Advisers boosted its position in Bitfarms by 42.7% during the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after acquiring an additional 299,273 shares during the period. 20.59% of the stock is currently owned by 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.