Bitfarms (NASDAQ:BITF) Stock Rating Reaffirmed by HC Wainwright

Bitfarms (NASDAQ:BITFGet Free Report)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research note issued on Monday, Benzinga reports. They currently have a $4.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 26.98% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Northland Securities assumed coverage on Bitfarms in a research report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price objective for the company. Stifel Nicolaus cut Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their target price for the company from $3.25 to $2.30 in a research note on Thursday, May 30th. B. Riley lowered their target price on Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Friday, May 17th. Finally, Cantor Fitzgerald assumed coverage on Bitfarms in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.88.

Read Our Latest Stock Report on BITF

Bitfarms Price Performance

Shares of NASDAQ:BITF opened at $3.15 on Monday. Bitfarms has a 1-year low of $0.92 and a 1-year high of $3.91. The firm has a market capitalization of $1.23 billion, a PE ratio of -8.29 and a beta of 3.68. The business’s 50 day moving average is $2.04 and its 200-day moving average is $2.40. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITFGet Free Report) last posted its earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.01. The business had revenue of $50.32 million during the quarter, compared to the consensus estimate of $50.51 million. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. Sell-side analysts predict that Bitfarms will post -0.2 earnings per share for the current year.

Institutional Trading of Bitfarms

A number of institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in Bitfarms during the fourth quarter worth about $29,000. Pasadena Private Wealth LLC bought a new stake in Bitfarms in the fourth quarter valued at approximately $34,000. VitalStone Financial LLC bought a new stake in Bitfarms in the first quarter valued at approximately $37,000. Shell Asset Management Co. acquired a new position in shares of Bitfarms in the first quarter valued at approximately $43,000. Finally, Sloy Dahl & Holst LLC acquired a new position in shares of Bitfarms in the fourth quarter valued at approximately $44,000. 20.59% of the stock is currently owned by institutional investors.

About Bitfarms

(Get Free Report)

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.

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Analyst Recommendations for Bitfarms (NASDAQ:BITF)

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