Bitfarms (NASDAQ:BITF) Price Target Cut to $3.70 by Analysts at HC Wainwright

Key Points

• HC Wainwright cut its price target on Bitfarms from $4.00 to $3.70 but maintained a buy rating, implying roughly a 92% upside from the stock’s current level.
• Analyst consensus remains a Moderate Buy with seven Buy, one Hold and one Sell ratings and an average price target of $4.14.
• Shares traded at $1.93 (up ~4.6%) with a market cap of $1.16B, and notable institutional buyers (Thames Capital, Renaissance, Situational Awareness, Aurelius) helped push institutional ownership to about 20.59%.

Bitfarms (NASDAQ:BITF - Get Free Report) had its price target dropped by stock analysts at HC Wainwright from $4.00 to $3.70 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 92.21% from the stock's current price.

BITF has been the subject of several other reports. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $3.00 price target (up from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bitfarms in a research report on Wednesday, January 21st. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $4.14.

Bitfarms Stock Up 4.6%

Shares of NASDAQ:BITF traded up $0.09 during trading hours on Tuesday, hitting $1.93. The company's stock had a trading volume of 30,189,762 shares, compared to its average volume of 36,217,578. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -8.33 and a beta of 3.81. Bitfarms has a 52 week low of $0.67 and a 52 week high of $6.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The firm's fifty day moving average price is $2.24 and its 200 day moving average price is $2.89.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of BITF. Thames Capital Management LLC acquired a new stake in shares of Bitfarms in the third quarter worth $19,834,000. Situational Awareness LP acquired a new stake in Bitfarms during the 4th quarter worth about $16,208,000. Renaissance Technologies LLC acquired a new stake in Bitfarms during the 4th quarter worth about $16,178,000. Aurelius Capital Management LP purchased a new position in shares of Bitfarms during the 3rd quarter valued at about $18,999,000. Finally, Vident Advisory LLC lifted its holdings in shares of Bitfarms by 70.0% in the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock valued at $9,538,000 after buying an additional 4,677,425 shares during the period. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.

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