Bitfarms (NASDAQ:BITF) Coverage Initiated by Analysts at Northland Securities

Northland Securities initiated coverage on shares of Bitfarms (NASDAQ:BITF) in a research note released on Thursday morning, Benzinga reports. The firm issued an outperform rating and a $4.00 price target on the stock.

BITF has been the topic of several other reports. Cantor Fitzgerald reiterated an overweight rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, March 28th. HC Wainwright reissued a buy rating and set a $4.00 target price on shares of Bitfarms in a research note on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Bitfarms presently has an average rating of Buy and an average target price of $4.20.

Bitfarms Price Performance

Bitfarms stock opened at $2.01 on Thursday. The firm’s 50-day moving average is $2.42 and its 200-day moving average is $2.14. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88. Bitfarms has a 1 year low of $0.92 and a 1 year high of $3.91.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $46.24 million for the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same period last year, the firm posted ($0.07) EPS. As a group, research analysts forecast that Bitfarms will post -0.1 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

Several hedge funds have recently made changes to their positions in BITF. Vontobel Holding Ltd. grew its stake in shares of Bitfarms by 252.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 75,847 shares of the company’s stock worth $82,000 after purchasing an additional 54,303 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Bitfarms in the 3rd quarter worth approximately $188,000. Oxinas Partners Wealth Management LLC acquired a new position in shares of Bitfarms in the 3rd quarter worth approximately $65,000. Van ECK Associates Corp grew its stake in shares of Bitfarms by 18.6% in the 3rd quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company’s stock worth $3,831,000 after purchasing an additional 561,342 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Bitfarms by 58.2% in the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after purchasing an additional 3,667,681 shares during the last quarter. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Company Profile

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.