Bitfarms (NASDAQ:BITF) Given New $3.50 Price Target at HC Wainwright

Bitfarms (NASDAQ:BITF) had its price target dropped by analysts at HC Wainwright from $4.00 to $3.50 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target would suggest a potential upside of 272.26% from the stock’s previous close.

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

Bitfarms Stock Down 4.8 %

Shares of NASDAQ BITF traded down $0.05 during trading hours on Thursday, hitting $0.94. The company had a trading volume of 10,958,193 shares, compared to its average volume of 28,896,867. Bitfarms has a 1-year low of $0.93 and a 1-year high of $3.28. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average is $1.30 and its 200-day moving average is $1.73. The stock has a market capitalization of $450.67 million, a P/E ratio of -2.61 and a beta of 3.68.

Institutional Trading of Bitfarms

A number of hedge funds have recently modified their holdings of BITF. Charles Schwab Investment Management Inc. raised its holdings in Bitfarms by 9.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,131,851 shares of the company’s stock valued at $2,388,000 after acquiring an additional 99,919 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Bitfarms by 22.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after purchasing an additional 15,167 shares during the period. PEAK6 Investments LLC acquired a new stake in Bitfarms during the 3rd quarter worth approximately $211,000. Paloma Partners Management Co bought a new stake in Bitfarms in the 3rd quarter valued at $528,000. Finally, HighTower Advisors LLC acquired a new position in Bitfarms in the 3rd quarter valued at $25,000. 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.