Bitfarms’ (BITF) Buy Rating Reaffirmed at HC Wainwright

by · The Markets Daily

Bitfarms (NASDAQ:BITF – Get Free Report)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a research report issued on Thursday,Benzinga reports. They currently have a $4.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 76.60% from the stock’s current price.

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

Check Out Our Latest Analysis on Bitfarms

Bitfarms Stock Performance

NASDAQ BITF opened at $2.27 on Thursday. The company has a market capitalization of $1.03 billion, a P/E ratio of -6.47 and a beta of 3.64. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. Bitfarms has a 52-week low of $1.01 and a 52-week high of $3.91. The company has a fifty day moving average of $2.03 and a 200-day moving average of $2.23.

Institutional Trading of Bitfarms

Several hedge funds have recently added to or reduced their stakes in BITF. Swiss National Bank bought a new stake in shares of Bitfarms in the 1st quarter valued at about $1,426,000. Shell Asset Management Co. purchased a new stake in shares of Bitfarms during the first quarter valued at approximately $43,000. Vident Advisory LLC boosted its stake in shares of Bitfarms by 51.4% during the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after purchasing an additional 885,217 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Bitfarms in the first quarter worth $1,640,000. Finally, Bayesian Capital Management LP raised its holdings in Bitfarms by 116.3% during the 1st quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after buying an additional 34,200 shares during the last quarter. 20.59% of the stock is owned by institutional investors.

About Bitfarms

(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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