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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been assigned a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $3.86.

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Alliance Global Partners reaffirmed a “buy” rating on shares of Bitfarms in a research report on Thursday, March 27th. Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a report on Thursday, March 27th. Finally, HC Wainwright cut their target price on shares of Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Thursday, March 27th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in Bitfarms by 9.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,131,851 shares of the company’s stock worth $2,388,000 after purchasing an additional 99,919 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Bitfarms by 22.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after buying an additional 15,167 shares during the last quarter. PEAK6 Investments LLC bought a new position in Bitfarms during the 3rd quarter valued at approximately $211,000. Paloma Partners Management Co purchased a new position in Bitfarms during the third quarter valued at $528,000. Finally, HighTower Advisors LLC purchased a new position in Bitfarms during the third quarter valued at $25,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Bitfarms Stock Performance

NASDAQ BITF opened at $0.77 on Monday. The company has a 50-day simple moving average of $1.19 and a two-hundred day simple moving average of $1.67. Bitfarms has a 12-month low of $0.72 and a 12-month high of $3.28. The firm has a market cap of $368.22 million, a price-to-earnings ratio of -2.13 and a beta of 3.74. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Thursday, March 27th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.07. 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. On average, equities analysts forecast that Bitfarms will post -0.21 EPS for the current year.

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.