Bitfarms Ltd. (NASDAQ:BITF) Receives $3.69 Consensus Price Target from Brokerages

Shares of Bitfarms Ltd. (NASDAQ:BITF) have earned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $3.6875.

A number of research firms recently commented on BITF. Jones Trading began coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a “buy” rating and a $2.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research note on Saturday, September 27th. Wall Street Zen raised shares of Bitfarms from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Compass Point began coverage on shares of Bitfarms in a research note on Monday, September 15th. They set a “buy” rating for the company.

Bitfarms Stock Performance

Bitfarms stock opened at $3.46 on Friday. The company’s 50-day moving average price is $1.84 and its 200-day moving average price is $1.27. Bitfarms has a twelve month low of $0.67 and a twelve month high of $3.60. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.95 billion, a PE ratio of -20.35 and a beta of 3.73.

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

Hedge Funds Weigh In On Bitfarms

Large investors have recently made changes to their positions in the company. Arkadios Wealth Advisors bought a new position in Bitfarms in the 1st quarter worth about $39,000. WINTON GROUP Ltd bought a new position in Bitfarms in the 2nd quarter worth about $43,000. Theory Financial LLC bought a new position in Bitfarms in the 1st quarter worth about $48,000. Baker Avenue Asset Management LP bought a new position in Bitfarms in the 2nd quarter worth about $50,000. Finally, Blue Rock Wealth Management LLC bought a new position in Bitfarms in the 1st quarter worth about $59,000. 20.59% of the stock is 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.