Bitfarms (NASDAQ:BITF) Cut to Hold at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods lowered shares of Bitfarms (NASDAQ:BITF) from a moderate buy rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

A number of other equities research analysts have also weighed in on BITF. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, January 21st. HC Wainwright reissued a “buy” rating and set a $4.00 target price (down from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Wall Street Zen lowered Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. B. Riley reiterated a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Finally, Northland Securities set a $7.00 price target on Bitfarms in a report on Monday, October 13th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $4.04.

Bitfarms Stock Performance

Shares of BITF opened at $2.60 on Monday. The stock’s fifty day moving average price is $2.77 and its two-hundred day moving average price is $2.61. Bitfarms has a 1 year low of $0.67 and a 1 year high of $6.60. The firm has a market cap of $1.55 billion, a PE ratio of -11.30 and a beta of 3.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. The company had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. On average, equities research analysts forecast that Bitfarms will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in BITF. Farther Finance Advisors LLC grew its stake in Bitfarms by 144.7% in the fourth quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock worth $26,000 after purchasing an additional 6,510 shares in the last quarter. US Bancorp DE purchased a new stake in shares of Bitfarms during the 3rd quarter valued at $34,000. Apollon Wealth Management LLC purchased a new stake in shares of Bitfarms during the fourth quarter worth about $35,000. WINTON GROUP Ltd purchased a new stake in Bitfarms during the 2nd quarter worth approximately $43,000. Finally, Savvy Advisors Inc. acquired a new position in shares of Bitfarms in the 4th quarter valued at $49,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.