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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been assigned an average rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $4.25.

Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald raised their price target on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. HC Wainwright restated a “buy” rating and issued a $4.00 price target (down previously from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. Finally, Northland Securities set a $7.00 target price on shares of Bitfarms in a research note on Monday, October 13th.

Bitfarms Price Performance

BITF opened at $2.95 on Monday. Bitfarms has a 12-month low of $0.67 and a 12-month high of $6.60. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $2.80 and a two-hundred day simple moving average of $2.53. The company has a market cap of $1.76 billion, a price-to-earnings ratio of -12.83 and a beta of 3.81.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting 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 during the quarter, compared to analysts’ expectations of $84.66 million. Research analysts predict that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Hedge funds have recently bought and sold shares of the company. US Bancorp DE bought a new stake in shares of Bitfarms during the 3rd quarter valued at about $34,000. SG Americas Securities LLC bought a new stake in Bitfarms during the third quarter valued at approximately $51,000. Swiss Life Asset Management Ltd purchased a new stake in Bitfarms during the third quarter valued at approximately $56,000. Weaver Consulting Group bought a new position in Bitfarms in the third quarter worth approximately $57,000. Finally, PFG Investments LLC purchased a new position in shares of Bitfarms during the 3rd quarter worth $71,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.