HC Wainwright reaffirmed their buy rating on shares of Bitfarms (NASDAQ:BITF – Free Report) in a report published on Tuesday, Benzinga reports. They currently have a $4.00 target price on the stock.
BITF has been the subject of several other reports. B. Riley reissued a buy rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, December 14th. Cantor Fitzgerald upped their price objective on Bitfarms from $2.00 to $3.00 and gave the company an overweight rating in a research note on Thursday, January 25th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of Buy and an average target price of $4.25.
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Bitfarms Trading Up 3.2 %
Bitfarms (NASDAQ:BITF – Get Free Report) last issued its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The business had revenue of $46.24 million for the quarter, compared to analysts’ expectations of $39.68 million. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Sell-side analysts forecast that Bitfarms will post -0.17 EPS for the current year.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the business. Portside Wealth Group LLC purchased a new stake in Bitfarms in the 2nd quarter valued at approximately $25,000. Capital Performance Advisors LLP acquired a new position in shares of Bitfarms during the 4th quarter valued at about $29,000. Creative Planning purchased a new position in shares of Bitfarms during the 4th quarter worth about $33,000. Pasadena Private Wealth LLC acquired a new position in shares of Bitfarms in the 4th quarter valued at $34,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Bitfarms during the 4th quarter worth about $34,000. Hedge funds and other institutional investors 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.
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