Bitfarms (BITF) Projected to Post Quarterly Earnings on Thursday

Bitfarms (NASDAQ:BITF) is anticipated to post its quarterly earnings results before the market opens on Thursday, March 6th. Analysts expect Bitfarms to post earnings of ($0.04) per share and revenue of $54.22 million for the quarter.

Bitfarms Stock Performance

BITF opened at $1.14 on Wednesday. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. Bitfarms has a 12-month low of $1.06 and a 12-month high of $3.28. The business has a 50 day moving average of $1.47 and a 200-day moving average of $1.85. The stock has a market cap of $546.44 million, a price-to-earnings ratio of -3.17 and a beta of 3.64.

Analyst Ratings Changes

BITF has been the subject of several research reports. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Alliance Global Partners began coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Finally, Keefe, Bruyette & Woods started coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4.05.

About Bitfarms

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.