Jones Trading Begins Coverage on Bitfarms (NASDAQ:BITF)

Jones Trading began coverage on shares of Bitfarms (NASDAQ:BITF) in a research note issued to investors on Monday, Marketbeat.com reports. The firm set a “buy” rating and a $2.00 price target on the stock. Jones Trading’s price objective points to a potential upside of 62.60% from the stock’s previous close.

Several other brokerages also recently commented on BITF. Alliance Global Partners restated a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. HC Wainwright restated a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a research report on Thursday, March 27th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $3.95.

Bitfarms Stock Performance

Shares of BITF stock remained flat at $1.23 during trading on Monday. The company had a trading volume of 20,931,585 shares, compared to its average volume of 26,071,816. The company has a quick ratio of 2.58, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. The company has a market cap of $685.79 million, a price-to-earnings ratio of -6.47 and a beta of 3.45. The stock’s 50 day simple moving average is $0.98 and its 200-day simple moving average is $1.10. Bitfarms has a fifty-two week low of $0.67 and a fifty-two week high of $2.84.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Cresset Asset Management LLC increased its holdings in shares of Bitfarms by 54.6% during the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company’s stock worth $41,000 after buying an additional 9,795 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Bitfarms by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company’s stock worth $105,000 after purchasing an additional 13,378 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Bitfarms by 10.0% in the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company’s stock worth $238,000 after purchasing an additional 14,865 shares during the last quarter. Insigneo Advisory Services LLC grew its stake in shares of Bitfarms by 15.3% in the fourth quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company’s stock worth $202,000 after purchasing an additional 18,000 shares during the last quarter. Finally, TD Asset Management Inc grew its stake in shares of Bitfarms by 5.0% in the first quarter. TD Asset Management Inc now owns 400,532 shares of the company’s stock worth $314,000 after purchasing an additional 19,089 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.