Bitfarms (NASDAQ:BITF) Earns Outperform Rating from Analysts at Northland Securities

Northland Securities started coverage on shares of Bitfarms (NASDAQ:BITF) in a report published on Thursday morning, Benzinga reports. The brokerage issued an outperform rating and a $4.00 target price on the stock.

A number of other research analysts have also recently issued reports on the stock. Cantor Fitzgerald reiterated an overweight rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, March 28th. HC Wainwright restated a buy rating and set a $4.00 price target on shares of Bitfarms in a report on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average price target of $4.20.

Bitfarms Trading Down 2.2 %

BITF opened at $1.96 on Thursday. The company has a market cap of $698.33 million, a P/E ratio of -5.30 and a beta of 3.62. The company has a fifty day moving average price of $2.39 and a two-hundred day moving average price of $2.15. Bitfarms has a 1-year low of $0.92 and a 1-year high of $3.91. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same period last year, the company earned ($0.07) earnings per share. Analysts predict that Bitfarms will post -0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its position in shares of Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after purchasing an additional 3,667,681 shares during the period. Van ECK Associates Corp raised its position in shares of Bitfarms by 16.7% in the fourth quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock valued at $12,163,000 after purchasing an additional 599,506 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Bitfarms by 27.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock valued at $9,127,000 after purchasing an additional 677,799 shares during the period. Quadrature Capital Ltd raised its position in shares of Bitfarms by 745.2% in the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after purchasing an additional 902,708 shares during the period. Finally, Shariaportfolio Inc. bought a new stake in shares of Bitfarms in the fourth quarter valued at approximately $2,051,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.