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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been given an average rating of “Moderate Buy” by the seven research firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $3.97.

A number of research analysts have recently weighed in on BITF shares. HC Wainwright lowered their price target on Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Thursday. Alliance Global Partners reiterated a “buy” rating on shares of Bitfarms in a report on Thursday. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating for the company.

Bitfarms Price Performance

BITF stock opened at $0.84 on Monday. The firm has a 50-day moving average of $1.27 and a two-hundred day moving average of $1.72. The firm has a market capitalization of $403.93 million, a PE 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 one year low of $0.82 and a one year high of $3.28.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, March 27th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.07. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The firm had revenue of $54.40 million during the quarter, compared to analyst estimates of $54.22 million. On average, analysts forecast that Bitfarms will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. Invesco Ltd. increased its stake in shares of Bitfarms by 9.3% during the 4th quarter. Invesco Ltd. now owns 13,355,913 shares of the company’s stock worth $19,900,000 after purchasing an additional 1,140,037 shares during the last quarter. MMCAP International Inc. SPC boosted its holdings in Bitfarms by 617.9% in the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company’s stock worth $19,896,000 after purchasing an additional 11,492,650 shares in the last quarter. Van ECK Associates Corp increased its position in Bitfarms by 106.6% during 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 last quarter. Vident Advisory LLC raised its holdings in Bitfarms by 87.6% during the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock valued at $9,016,000 after buying an additional 2,828,703 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Bitfarms by 1.3% in the third 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 last quarter. 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.