Bitfarms Ltd. (NASDAQ:BITF) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $4.35.

Several brokerages have recently issued reports on BITF. Jones Trading began coverage on shares of Bitfarms in a report on Monday, July 21st. They set a “buy” rating and a $2.00 price target for the company. Macquarie reissued an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. Compass Point began coverage on shares of Bitfarms in a report on Monday, September 15th. They set a “buy” rating for the company. Northland Securities set a $7.00 price target on shares of Bitfarms in a report on Monday, October 13th. Finally, Wall Street Zen raised shares of Bitfarms from a “sell” rating to a “hold” rating in a report on Saturday, September 13th.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently bought and sold shares of the stock. Trium Capital LLP bought a new stake in Bitfarms in the first quarter worth about $609,000. SBI Securities Co. Ltd. raised its position in Bitfarms by 69.9% in the first quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company’s stock worth $117,000 after acquiring an additional 61,085 shares in the last quarter. Theory Financial LLC bought a new stake in Bitfarms in the first quarter worth about $48,000. Private Advisor Group LLC raised its position in Bitfarms by 26.2% in the first quarter. Private Advisor Group LLC now owns 178,100 shares of the company’s stock worth $140,000 after acquiring an additional 37,000 shares in the last quarter. Finally, TD Asset Management Inc raised its position in 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 acquiring an additional 19,089 shares in the last quarter. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Stock Down 5.3%

BITF stock opened at $4.30 on Wednesday. Bitfarms has a twelve month low of $0.67 and a twelve month high of $6.60. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.42 billion, a P/E ratio of -25.29 and a beta of 3.73. The firm has a 50 day simple moving average of $2.94 and a 200-day simple moving average of $1.70.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. On average, equities research analysts predict that Bitfarms will post -0.21 earnings per share for the current fiscal year.

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.