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

Bitfarms Ltd. (NASDAQ:BITF) has been given a consensus recommendation of “Moderate Buy” by the eight ratings firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $4.25.

A number of equities research analysts have recently issued reports on the stock. B. Riley restated a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Macquarie reissued an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Wall Street Zen lowered Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Northland Securities set a $7.00 target price on Bitfarms in a research report on Monday, October 13th. Finally, HC Wainwright reissued a “buy” rating and set a $4.00 price target (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th.

Hedge Funds Weigh In On Bitfarms

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

Bitfarms Trading Down 3.1%

NASDAQ:BITF opened at $2.80 on Monday. The stock has a fifty day simple moving average of $2.89 and a 200 day simple moving average of $2.45. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of -12.17 and a beta of 3.81. Bitfarms has a 1-year low of $0.67 and a 1-year high of $6.60. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate 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 the consensus estimate of $84.66 million. Sell-side analysts forecast that Bitfarms will post -0.21 earnings per share for the current year.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.