Bitfarms’ (BITF) Overweight Rating Reiterated at Cantor Fitzgerald

Bitfarms (NASDAQ:BITF)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a note issued to investors on Thursday, Benzinga reports. They presently have a $4.00 price target on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 74.67% from the company’s previous close.

Several other research firms have also recently commented on BITF. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Tuesday. B. Riley reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, December 14th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Bitfarms presently has an average rating of “Buy” and a consensus price target of $4.25.

Bitfarms Price Performance

BITF traded up $0.13 during midday trading on Thursday, reaching $2.29. 25,085,967 shares of the company’s stock were exchanged, compared to its average volume of 26,781,520. The firm has a market capitalization of $765.20 million, a price-to-earnings ratio of -6.27 and a beta of 3.71. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.04. Bitfarms has a one year low of $0.82 and a one year high of $3.91. The business has a 50-day simple moving average of $2.60 and a two-hundred day simple moving average of $2.01.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The company had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. As a group, research analysts predict that Bitfarms will post -0.17 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently added to or reduced their stakes in BITF. Portside Wealth Group LLC bought a new stake in shares of Bitfarms in the 2nd quarter valued at about $25,000. Capital Performance Advisors LLP acquired a new position in shares of Bitfarms during the 4th quarter worth approximately $29,000. Creative Planning acquired a new position in shares of Bitfarms during the 4th quarter worth approximately $33,000. Pasadena Private Wealth LLC acquired a new position in shares of Bitfarms during the 4th quarter worth approximately $34,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Bitfarms during the 4th quarter worth approximately $34,000. 20.59% of the stock is owned by institutional investors.

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.