Bitfarms (NASDAQ:BITF) Coverage Initiated by Analysts at Jones Trading

Equities researchers at Jones Trading started coverage on shares of Bitfarms (NASDAQ:BITF) in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $2.00 price target on the stock. Jones Trading’s price target indicates a potential upside of 51.52% from the company’s current price.

A number of other equities research analysts have also issued reports on BITF. Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a research report on Thursday, March 27th. Finally, HC Wainwright restated a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bitfarms currently has a consensus rating of “Buy” and a consensus target price of $3.95.

Bitfarms Stock Performance

NASDAQ BITF traded up $0.19 on Monday, hitting $1.32. The stock had a trading volume of 59,635,813 shares, compared to its average volume of 27,626,860. The company has a quick ratio of 2.58, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. Bitfarms has a one year low of $0.67 and a one year high of $2.91. The company’s 50-day moving average is $0.96 and its two-hundred day moving average is $1.11. The stock has a market cap of $735.97 million, a price-to-earnings ratio of -6.95 and a beta of 3.45.

Bitfarms (NASDAQ:BITF) last released its earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $66.85 million during the quarter, compared to analyst estimates of $67.17 million. Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. On average, analysts expect that Bitfarms will post -0.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI raised its stake in shares of Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock worth $31,000 after purchasing an additional 19,877 shares in the last quarter. Arkadios Wealth Advisors acquired a new stake in Bitfarms in the 1st quarter worth about $39,000. Cresset Asset Management LLC increased its stake in Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company’s stock worth $41,000 after acquiring an additional 9,795 shares during the period. Theory Financial LLC acquired a new position in Bitfarms in the first quarter valued at about $48,000. Finally, Blue Rock Wealth Management LLC acquired a new stake in shares of Bitfarms during the 1st quarter worth approximately $59,000. 20.59% of the stock is currently owned by 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.