Bitfarms’ (BITF) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Bitfarms (NASDAQ:BITF) in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a $4.00 price target on the stock.

BITF has been the subject of several other reports. Cantor Fitzgerald raised their target price on Bitfarms from $2.00 to $3.00 and gave the company an overweight rating in a research report on Thursday, January 25th. B. Riley reaffirmed a buy rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, December 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $4.25.

Bitfarms Trading Up 3.2 %

NASDAQ BITF opened at $2.23 on Tuesday. The firm has a market capitalization of $745.15 million, a P/E ratio of -6.03 and a beta of 3.71. The business has a fifty day simple moving average of $2.61 and a 200 day simple moving average of $2.02. Bitfarms has a 12 month low of $0.82 and a 12 month high of $3.91. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $46.24 million during the quarter, compared to analyst estimates of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period in the prior year, the firm posted ($0.07) EPS. On average, analysts predict that Bitfarms will post -0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BITF. Invesco Ltd. grew its stake in shares of Bitfarms by 56.1% during the 1st quarter. Invesco Ltd. now owns 13,039,797 shares of the company’s stock worth $48,900,000 after acquiring an additional 4,687,086 shares during the period. State Street Corp grew its stake in shares of Bitfarms by 240.8% during the 2nd quarter. State Street Corp now owns 4,228,087 shares of the company’s stock worth $6,215,000 after acquiring an additional 2,987,589 shares during the period. Renaissance Technologies LLC bought a new position in shares of Bitfarms during the 2nd quarter worth $2,307,000. Quadrature Capital Ltd grew its stake in shares of Bitfarms by 745.2% during the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock worth $1,090,000 after acquiring an additional 902,708 shares during the period. Finally, Shariaportfolio Inc. bought a new position in Bitfarms in the 4th quarter worth about $2,051,000. 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.