Northland Securities Initiates Coverage on Bitfarms (NASDAQ:BITF)

Research analysts at Northland Securities initiated coverage on shares of Bitfarms (NASDAQ:BITF) in a report issued on Thursday, Benzinga reports. The brokerage set an “outperform” rating and a $4.00 price target on the stock. Northland Securities’ price objective suggests a potential upside of 104.08% from the stock’s previous close.

Several other research firms have also issued reports on BITF. Cantor Fitzgerald reissued an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th. HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Tuesday, March 26th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Bitfarms presently has an average rating of “Buy” and a consensus price target of $4.20.

Bitfarms Stock Down 2.2 %

Bitfarms stock opened at $1.96 on Thursday. The stock has a market cap of $698.33 million, a PE ratio of -5.30 and a beta of 3.62. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88. Bitfarms has a one year low of $0.92 and a one year high of $3.91. The stock has a fifty day moving average of $2.39 and a 200 day moving average of $2.14.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same quarter in the prior year, the business earned ($0.07) earnings per share. As a group, sell-side analysts predict that Bitfarms will post -0.1 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds have recently made changes to their positions in BITF. Vontobel Holding Ltd. boosted its stake in shares of Bitfarms by 252.1% in the third quarter. Vontobel Holding Ltd. now owns 75,847 shares of the company’s stock worth $82,000 after acquiring an additional 54,303 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in shares of Bitfarms in the third quarter worth about $188,000. Oxinas Partners Wealth Management LLC bought a new position in shares of Bitfarms in the third quarter worth about $65,000. Van ECK Associates Corp boosted its stake in shares of Bitfarms by 18.6% in the third quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company’s stock worth $3,831,000 after acquiring an additional 561,342 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after acquiring an additional 3,667,681 shares during the period. Institutional investors 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.