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

Bitfarms (NASDAQ:BITF - Free Report) had its price target decreased by HC Wainwright from $4.00 to $3.50 in a research report report published on Thursday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

BITF has been the topic of a number of other research reports. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a report on Wednesday, January 8th. They issued an "outperform" rating on the stock. Alliance Global Partners started coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They issued a "buy" rating and a $6.00 price objective for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Bitfarms has an average rating of "Moderate Buy" and a consensus price target of $3.97.

Bitfarms Trading Down 6.5 %

Shares of NASDAQ:BITF traded down $0.05 during mid-day trading on Thursday, hitting $0.79. The stock had a trading volume of 31,129,784 shares, compared to its average volume of 28,904,887. The company's 50 day moving average is $1.27 and its 200-day moving average is $1.72. Bitfarms has a 12-month low of $0.77 and a 12-month high of $3.28. 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 company has a market cap of $377.81 million, a PE ratio of -2.19 and a beta of 3.68.

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Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings results on Thursday, March 27th. The company reported $0.03 earnings per share for the quarter, beating 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%. On average, sell-side analysts predict that Bitfarms will post -0.21 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. MMCAP International Inc. SPC increased its stake in shares of Bitfarms by 617.9% in the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock worth $19,896,000 after purchasing an additional 11,492,650 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Bitfarms by 106.6% during the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock worth $18,705,000 after buying an additional 6,477,985 shares during the last quarter. Vident Advisory LLC boosted its position in shares of Bitfarms by 87.6% in the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock valued at $9,016,000 after acquiring an additional 2,828,703 shares during the period. Paloma Partners Management Co grew its stake in shares of Bitfarms by 620.8% in the fourth quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company's stock worth $2,685,000 after acquiring an additional 1,551,900 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Bitfarms by 121.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock worth $3,728,000 after acquiring an additional 1,370,102 shares during the period. Institutional investors and hedge funds 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.