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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have earned a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $3.97.

Several equities research analysts have recently issued reports on the stock. HC Wainwright lowered their price objective on shares of Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Thursday. Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Bitfarms in a research report on Thursday.

Bitfarms Stock Down 11.6 %

Bitfarms stock opened at $0.84 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. Bitfarms has a fifty-two week low of $0.82 and a fifty-two week high of $3.28. The firm has a fifty day moving average price of $1.27 and a two-hundred day moving average price of $1.72. The firm has a market cap of $403.93 million, a price-to-earnings ratio of -2.34 and a beta of 3.68.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, March 27th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.07. The business had revenue of $54.40 million during the quarter, compared to analysts’ expectations of $54.22 million. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. As a group, analysts forecast that Bitfarms will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BITF. HighTower Advisors LLC bought a new position in Bitfarms during the third quarter worth about $25,000. Money Concepts Capital Corp bought a new position in shares of Bitfarms during the 4th quarter worth approximately $30,000. Guided Capital Wealth Management LLC acquired a new stake in Bitfarms in the 4th quarter valued at $30,000. National Bank of Canada FI grew its position in Bitfarms by 2,629.2% in the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after acquiring an additional 19,877 shares during the period. Finally, Olympiad Research LP acquired a new position in Bitfarms during the fourth quarter worth $36,000. Institutional investors 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.