HC Wainwright Reiterates “Buy” Rating for Bitfarms (NASDAQ:BITF)

Bitfarms (NASDAQ:BITF)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a report issued on Thursday,Benzinga reports. They currently have a $4.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 77.78% from the stock’s previous close.

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Price Performance

NASDAQ:BITF opened at $2.25 on Thursday. The business’s 50-day moving average price is $2.04 and its 200 day moving average price is $2.23. The firm has a market cap of $1.02 billion, a P/E ratio of -6.25 and a beta of 3.64. Bitfarms has a 52-week low of $1.01 and a 52-week high of $3.91. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors have recently bought and sold shares of BITF. Tidal Investments LLC increased its stake in Bitfarms by 58.4% in the 1st 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 in the last quarter. Marshall Wace LLP purchased a new position in Bitfarms in the 2nd quarter worth about $4,016,000. Van ECK Associates Corp increased its stake in Bitfarms by 37.4% in the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after purchasing an additional 1,404,895 shares in the last quarter. Weiss Asset Management LP increased its stake in Bitfarms by 173.6% in the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after purchasing an additional 1,004,400 shares in the last quarter. Finally, Vident Advisory LLC boosted its position in Bitfarms by 51.4% during the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after acquiring an additional 885,217 shares during the period. Hedge funds and other 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.