Bitfarms’ (BITF) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Bitfarms (NASDAQ:BITFFree Report) in a research report report published on Monday morning, Benzinga reports. The brokerage currently has a $4.00 price target on the stock.

A number of other brokerages also recently commented on BITF. Northland Securities started coverage on Bitfarms in a report on Thursday, April 25th. They issued an outperform rating and a $4.00 price target for the company. Stifel Nicolaus cut Bitfarms from a speculative buy rating to a hold rating and cut their price objective for the company from $3.25 to $2.30 in a research note on Thursday, May 30th. B. Riley cut their price objective on Bitfarms from $4.00 to $3.00 and set a buy rating on the stock in a research note on Friday, May 17th. Finally, Cantor Fitzgerald assumed coverage on Bitfarms in a research note on Tuesday, June 11th. They set an overweight rating and a $5.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from, the company has a consensus rating of Moderate Buy and an average price target of $3.88.

Read Our Latest Report on Bitfarms

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $3.12 on Monday. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -8.21 and a beta of 3.68. Bitfarms has a 1-year low of $0.92 and a 1-year high of $3.91. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. The business has a 50-day moving average of $2.09 and a 200-day moving average of $2.42.

Bitfarms (NASDAQ:BITFGet Free Report) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. The firm 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%. On average, equities analysts anticipate that Bitfarms will post -0.2 EPS for the current fiscal year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently made changes to their positions in BITF. Invesco Ltd. raised its position in shares of Bitfarms by 58.2% during the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after purchasing an additional 3,667,681 shares during the period. Tidal Investments LLC raised its position in shares of Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares during the period. Quadrature Capital Ltd raised its position 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 purchasing an additional 902,708 shares during the period. Vident Advisory LLC raised its position in shares of Bitfarms by 51.4% during the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after purchasing an additional 885,217 shares during the period. Finally, Shariaportfolio Inc. acquired a new stake in shares of Bitfarms during the 4th quarter worth approximately $2,051,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Company Profile

(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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