Analysts Set Bitfarms Ltd. (NASDAQ:BITF) PT at $3.95

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been assigned an average recommendation of “Buy” from the five brokerages that are presently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $3.95.

Separately, Jones Trading began coverage on Bitfarms in a report on Monday, July 21st. They issued a “buy” rating and a $2.00 price target for the company.

Bitfarms Stock Performance

Shares of BITF stock opened at $2.04 on Tuesday. The company has a market capitalization of $1.13 billion, a P/E ratio of -12.00 and a beta of 3.50. The business’s 50 day moving average is $1.25 and its two-hundred day moving average is $1.06. Bitfarms has a 12-month low of $0.67 and a 12-month high of $2.76. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last released its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $77.80 million during the quarter, compared to analysts’ expectations of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. Analysts expect that Bitfarms will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Several large investors have recently added to or reduced their stakes in BITF. Arkadios Wealth Advisors acquired a new stake in Bitfarms in the 1st quarter valued at $39,000. Cresset Asset Management LLC grew its stake 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 valued at $41,000 after acquiring an additional 9,795 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms during the second quarter valued at about $43,000. Theory Financial LLC acquired a new stake in shares of Bitfarms during the first quarter valued at about $48,000. Finally, Baker Avenue Asset Management LP acquired a new stake in shares of Bitfarms during the second quarter valued at about $50,000. 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.