HC Wainwright Cuts Bitfarms (NASDAQ:BITF) Price Target to $3.50

Bitfarms (NASDAQ:BITF) had its target price cut by HC Wainwright from $4.00 to $3.50 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. Alliance Global Partners started coverage on shares of Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price for the company. Keefe, Bruyette & Woods started coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $3.97.

Bitfarms Trading Down 11.6 %

NASDAQ BITF opened at $0.84 on Thursday. The company has a market capitalization of $403.93 million, a price-to-earnings ratio of -2.34 and a beta of 3.68. The company’s 50-day simple moving average is $1.27 and its two-hundred day simple moving average is $1.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. Bitfarms has a one year low of $0.82 and a one year high of $3.28.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, March 27th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.07. The business had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. Equities analysts forecast that Bitfarms will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Large investors have recently made changes to their positions in the stock. Lifeworks Advisors LLC boosted its holdings in Bitfarms by 42.4% in the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company’s stock valued at $37,000 after purchasing an additional 7,339 shares during the last quarter. Cresset Asset Management LLC raised its position in shares of Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company’s stock valued at $41,000 after buying an additional 9,795 shares during the period. HighTower Advisors LLC acquired a new position in Bitfarms in the third quarter valued at approximately $25,000. Mackenzie Financial Corp grew its position in Bitfarms by 10.0% in the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company’s stock worth $238,000 after acquiring an additional 14,865 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bitfarms by 22.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after acquiring an additional 15,167 shares during the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.