Bitfarms (NASDAQ:BITF) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of Bitfarms (NASDAQ:BITF) from a hold rating to a sell rating in a research note published on Saturday morning.

BITF has been the subject of several other research reports. Jones Trading assumed coverage on shares of Bitfarms in a report on Monday, July 21st. They issued a “buy” rating and a $2.00 target price for the company. Northland Securities set a $7.00 price objective on shares of Bitfarms in a research note on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. Compass Point started coverage on Bitfarms in a research note on Monday, September 15th. They set a “buy” rating for the company. Finally, B. Riley restated a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Eight research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $4.54.

Bitfarms Price Performance

Shares of Bitfarms stock opened at $2.58 on Friday. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -11.22 and a beta of 3.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The stock has a 50 day moving average price of $3.54 and a 200-day moving average price of $1.94. Bitfarms has a one year low of $0.67 and a one year high of $6.60.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). Bitfarms had a negative return on equity of 4.42% and a negative net margin of 48.26%.The company had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. Equities analysts expect that Bitfarms will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in BITF. US Bancorp DE purchased a new position in shares of Bitfarms during the third quarter valued at $34,000. SG Americas Securities LLC bought a new position in Bitfarms during the 3rd quarter worth about $51,000. Weaver Consulting Group purchased a new position in Bitfarms during the 3rd quarter valued at about $57,000. PFG Investments LLC purchased a new position in Bitfarms during the 3rd quarter valued at about $71,000. Finally, Truefg LLC bought a new stake in shares of Bitfarms in the 3rd quarter valued at about $73,000. 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.