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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been assigned an average rating of “Moderate Buy” from the nine brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and seven have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $4.0417.

Several equities research analysts recently commented on BITF shares. Wall Street Zen lowered Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. HC Wainwright reissued a “buy” rating and issued a $4.00 price target (down from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Cantor Fitzgerald increased their price target on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. B. Riley reissued a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Finally, Macquarie reiterated an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th.

Bitfarms Trading Down 15.8%

NASDAQ:BITF opened at $1.71 on Friday. Bitfarms has a 52 week low of $0.67 and a 52 week high of $6.60. The firm’s fifty day moving average is $2.69 and its 200-day moving average is $2.64. The firm has a market cap of $1.03 billion, a P/E ratio of -7.43 and a beta of 3.81. 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 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 business had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. Equities analysts expect that Bitfarms will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

Several institutional investors have recently modified their holdings of BITF. Invesco Ltd. grew its position in shares of Bitfarms by 8.6% during the 3rd quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock valued at $40,533,000 after acquiring an additional 1,138,549 shares during the period. Vident Advisory LLC raised its holdings in shares of Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock valued at $9,538,000 after buying an additional 4,677,425 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Bitfarms by 36.8% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,060,389 shares of the company’s stock worth $19,941,000 after acquiring an additional 1,898,490 shares during the last quarter. Thames Capital Management LLC purchased a new stake in Bitfarms during the third quarter valued at about $19,834,000. Finally, Aurelius Capital Management LP bought a new position in Bitfarms during the 3rd quarter worth approximately $18,999,000. 20.59% of the stock is owned by institutional investors.

About Bitfarms

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.