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

Bitfarms (NASDAQ:BITF) had its target price trimmed by HC Wainwright from $4.00 to $3.50 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

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

Bitfarms Price Performance

Shares of NASDAQ:BITF opened at $0.95 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The firm has a market cap of $456.85 million, a price-to-earnings ratio of -2.65 and a beta of 3.68. The business has a 50-day simple moving average of $1.29 and a two-hundred day simple moving average of $1.73. Bitfarms has a fifty-two week low of $0.93 and a fifty-two week high of $3.28.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Thursday, March 27th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.07. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The firm had revenue of $54.40 million during the quarter, compared to analysts’ expectations of $54.22 million. On average, analysts expect that Bitfarms will post -0.21 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BITF. HighTower Advisors LLC purchased a new stake in Bitfarms in the 3rd quarter worth approximately $25,000. Money Concepts Capital Corp bought a new position in shares of Bitfarms in the fourth quarter worth approximately $30,000. Guided Capital Wealth Management LLC purchased a new stake in shares of Bitfarms in the fourth quarter worth $30,000. National Bank of Canada FI raised 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 purchasing an additional 19,877 shares during the period. Finally, Olympiad Research LP purchased a new position in shares of Bitfarms during the 4th quarter valued at $36,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.