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

Bitfarms Ltd. (NASDAQ:BITF) has been given an average recommendation of “Moderate Buy” by the nine research firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $4.25.

Several brokerages have recently issued reports on BITF. Northland Securities set a $7.00 price objective on shares of Bitfarms in a research note on Monday, October 13th. HC Wainwright restated a “buy” rating and issued a $4.00 price target (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Macquarie restated an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. Finally, B. Riley reiterated a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd.

Institutional Trading of Bitfarms

Several institutional investors have recently modified their holdings of the company. US Bancorp DE acquired a new position in shares of Bitfarms in the third quarter valued at $34,000. WINTON GROUP Ltd bought a new stake in Bitfarms in the 2nd quarter valued at $43,000. Baker Avenue Asset Management LP bought a new stake in Bitfarms in the 2nd quarter valued at $50,000. SG Americas Securities LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at $51,000. Finally, Swiss Life Asset Management Ltd bought a new position in shares of Bitfarms during the 3rd quarter worth about $56,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Price Performance

NASDAQ BITF opened at $2.32 on Thursday. The stock has a 50-day simple moving average of $3.60 and a 200 day simple moving average of $2.23. Bitfarms has a twelve month low of $0.67 and a twelve month high of $6.60. The stock has a market capitalization of $1.39 billion, a PE ratio of -10.09 and a beta of 3.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The firm had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. Research analysts anticipate that Bitfarms will post -0.21 EPS for the current 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.