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

HC Wainwright reissued their buy rating on shares of Bitfarms (NASDAQ:BITF) in a report issued on Thursday,Benzinga reports. They currently have a $4.00 price objective on the stock.

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

Bitfarms Stock Performance

Shares of BITF opened at $2.25 on Thursday. The company has a quick ratio of 5.09, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. Bitfarms has a 12 month low of $1.01 and a 12 month high of $3.91. The company’s fifty day moving average is $2.04 and its 200-day moving average is $2.24. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -6.25 and a beta of 3.64.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. HighTower Advisors LLC bought a new position in Bitfarms during the third quarter worth about $25,000. WINTON GROUP Ltd acquired a new position in Bitfarms during the second quarter worth $38,000. Lifeworks Advisors LLC acquired a new stake in shares of Bitfarms in the 3rd quarter valued at $37,000. Shell Asset Management Co. bought a new stake in shares of Bitfarms in the 1st quarter worth about $43,000. Finally, Chesapeake Capital Corp IL lifted its holdings in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the last quarter. 20.59% of the stock is owned by 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.