Bitfarms Ltd. (NASDAQ:BITF) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been given an average rating of “Moderate Buy” by the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $3.86.

Several equities research analysts recently commented on BITF shares. HC Wainwright dropped their price objective on shares of Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Thursday, March 27th. Alliance Global Partners reiterated a “buy” rating on shares of Bitfarms in a report on Thursday, March 27th. Industrial Alliance Securities set a $3.25 price target on Bitfarms in a report on Thursday, March 27th. Finally, Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its holdings in Bitfarms by 9.3% in the 4th quarter. Invesco Ltd. now owns 13,355,913 shares of the company’s stock valued at $19,900,000 after acquiring an additional 1,140,037 shares during the last quarter. MMCAP International Inc. SPC grew its holdings in Bitfarms by 617.9% during the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company’s stock valued at $19,896,000 after purchasing an additional 11,492,650 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Bitfarms by 106.6% in the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock worth $18,705,000 after buying an additional 6,477,985 shares during the period. Vident Advisory LLC increased its stake in Bitfarms by 87.6% in the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock worth $9,016,000 after purchasing an additional 2,828,703 shares during the period. Finally, State Street Corp increased its stake in Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after buying an additional 63,916 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Down 6.4 %

Shares of NASDAQ:BITF opened at $0.77 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The company has a market cap of $368.22 million, a PE ratio of -2.13 and a beta of 3.68. The stock’s 50-day moving average is $1.19 and its 200 day moving average is $1.68. Bitfarms has a 1 year low of $0.72 and a 1 year high of $3.28.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, March 27th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.07. The company had revenue of $54.40 million for the quarter, compared to analysts’ expectations of $54.22 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. Sell-side analysts anticipate that Bitfarms will post -0.21 EPS for the current year.

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.