Bitfarms (NASDAQ:BITF) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Bitfarms (NASDAQ:BITF) announced its quarterly earnings results on Thursday. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.07, Zacks reports. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. The company had revenue of $54.40 million during the quarter, compared to analysts’ expectations of $54.22 million.

Bitfarms Trading Down 11.6 %

BITF opened at $0.84 on Friday. The firm’s fifty day simple moving average is $1.27 and its 200 day simple moving average is $1.72. The stock has a market capitalization of $403.93 million, a P/E ratio of -2.34 and a beta of 3.68. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. Bitfarms has a 12 month low of $0.82 and a 12 month high of $3.28.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Alliance Global Partners restated a “buy” rating on shares of Bitfarms in a report on Thursday. Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. Finally, HC Wainwright dropped their price objective on Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and an average price target of $3.97.

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.