Bitfarms’ (BITF) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Bitfarms (NASDAQ:BITF) in a report released on Thursday morning,Benzinga reports. HC Wainwright currently has a $4.00 target price on the stock.

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

Bitfarms Price Performance

NASDAQ BITF traded up $0.15 on Thursday, reaching $2.26. 37,474,020 shares of the company’s stock traded hands, compared to its average volume of 23,298,137. The stock has a 50-day simple moving average of $2.03 and a 200 day simple moving average of $2.23. Bitfarms has a 12 month low of $1.01 and a 12 month high of $3.91. The stock has a market cap of $1.02 billion, a PE ratio of -6.19 and a beta of 3.64. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09.

Hedge Funds Weigh In On Bitfarms

Large investors have recently modified their holdings of the business. State Street Corp raised its position in shares of Bitfarms by 1.3% during the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after acquiring an additional 63,916 shares in the last quarter. HighTower Advisors LLC acquired a new stake in Bitfarms in the third quarter valued at about $25,000. Paloma Partners Management Co purchased a new stake in Bitfarms in the 3rd quarter valued at approximately $528,000. PEAK6 Investments LLC purchased a new stake in shares of Bitfarms in the third quarter valued at approximately $211,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Bitfarms by 22.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after purchasing an additional 15,167 shares in the last quarter. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.