Bitfarms Ltd. (NASDAQ:BITF) Receives $4.25 Average PT from Brokerages

Bitfarms Ltd. (NASDAQ:BITF) has been given an average recommendation of “Moderate Buy” by the nine ratings firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $4.25.

Several equities research analysts have recently weighed in on the company. Wall Street Zen cut Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Cantor Fitzgerald boosted their price objective on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective (down previously from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Finally, Compass Point began coverage on Bitfarms in a research report on Monday, September 15th. They set a “buy” rating on the stock.

Bitfarms Stock Up 1.5%

BITF stock opened at $2.69 on Thursday. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of -11.70 and a beta of 3.78. The company has a 50-day moving average of $3.33 and a two-hundred day moving average of $2.29. Bitfarms has a 52-week low of $0.67 and a 52-week high of $6.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The business had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. As a group, equities research analysts anticipate that Bitfarms will post -0.21 EPS for the current year.

Institutional Trading of Bitfarms

Institutional investors and hedge funds have recently modified their holdings of the company. US Bancorp DE acquired a new position in shares of Bitfarms in the third quarter valued at $34,000. WINTON GROUP Ltd bought a new stake in Bitfarms in the 2nd quarter valued at $43,000. Baker Avenue Asset Management LP acquired a new position in shares of Bitfarms in the 2nd quarter valued at $50,000. SG Americas Securities LLC bought a new position in shares of Bitfarms during the 3rd quarter worth about $51,000. Finally, Swiss Life Asset Management Ltd bought a new position in shares of Bitfarms during the 3rd quarter worth about $56,000. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Company Profile

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.