HC Wainwright Issues Pessimistic Forecast for Bitfarms (NASDAQ:BITF) Stock Price

Bitfarms (NASDAQ:BITF) had its price target lowered by HC Wainwright from $4.00 to $3.50 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 315.33% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Alliance Global Partners began coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.97.

Bitfarms Stock Performance

Shares of BITF stock opened at $0.84 on Thursday. The firm has a market cap of $403.93 million, a price-to-earnings ratio of -2.34 and a beta of 3.68. Bitfarms has a 52-week low of $0.82 and a 52-week high of $3.28. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company’s 50 day moving average is $1.27 and its 200 day moving average is $1.72.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Thursday, March 27th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.07. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. The firm had revenue of $54.40 million during the quarter, compared to analyst estimates of $54.22 million. On average, sell-side analysts anticipate that Bitfarms will post -0.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

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