Bitfarms (NASDAQ:BITF) Stock Rating Lowered by Keefe, Bruyette & Woods

Bitfarms (NASDAQ:BITF) was downgraded by Keefe, Bruyette & Woods from a “moderate buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. HC Wainwright reissued a “buy” rating and set a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Macquarie restated an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Cantor Fitzgerald increased their target price 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. Northland Securities set a $7.00 price target on shares of Bitfarms in a research report on Monday, October 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, January 21st. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $4.04.

Bitfarms Trading Up 0.2%

NASDAQ BITF traded up $0.01 during trading hours on Monday, reaching $2.61. The company had a trading volume of 14,865,616 shares, compared to its average volume of 40,693,535. Bitfarms has a 1-year low of $0.67 and a 1-year high of $6.60. The stock has a market capitalization of $1.56 billion, a P/E ratio of -11.33 and a beta of 3.81. The stock has a 50-day moving average of $2.77 and a 200 day moving average of $2.61. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last announced its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, hitting the consensus estimate of ($0.02). The firm had revenue of $69.25 million for the quarter, compared to the consensus estimate of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. As a group, research analysts anticipate that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Bitfarms by 108.5% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company’s stock worth $233,000 after purchasing an additional 144,593 shares during the period. Voya Investment Management LLC bought a new stake in shares of Bitfarms during the 3rd quarter worth about $2,349,000. Chicago Partners Investment Group LLC acquired a new stake in Bitfarms in the second quarter worth approximately $161,000. Thames Capital Management LLC bought a new position in Bitfarms during the 3rd quarter valued at $19,834,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Bitfarms during the 2nd quarter valued at $211,000. Institutional investors and hedge funds 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.