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

Bitfarms Ltd. (NASDAQ:BITF) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $3.6875.

Several analysts recently commented on the company. Compass Point assumed coverage on Bitfarms in a research note on Monday, September 15th. They set a “buy” rating on the stock. Wall Street Zen raised Bitfarms from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday. Finally, Jones Trading assumed coverage on Bitfarms in a research note on Monday, July 21st. They set a “buy” rating and a $2.00 price objective on the stock.

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the company. Arkadios Wealth Advisors acquired a new stake in shares of Bitfarms in the 1st quarter valued at about $39,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms in the 2nd quarter valued at about $43,000. Theory Financial LLC acquired a new stake in shares of Bitfarms in the 1st quarter valued at about $48,000. Baker Avenue Asset Management LP acquired a new stake in shares of Bitfarms in the 2nd quarter valued at about $50,000. Finally, Blue Rock Wealth Management LLC acquired a new stake in shares of Bitfarms in the 1st quarter valued at about $59,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Stock Up 0.6%

NASDAQ:BITF opened at $4.20 on Friday. Bitfarms has a 12-month low of $0.67 and a 12-month high of $5.10. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $2.36 billion, a P/E ratio of -24.68 and a beta of 3.73. The stock’s fifty day simple moving average is $2.06 and its 200-day simple moving average is $1.34.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. Equities research analysts expect that Bitfarms will post -0.21 earnings per share for the current year.

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.