Bitfarms Ltd. (NASDAQ:BITF) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Bitfarms Ltd. (NASDAQ:BITF) have received an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $3.86.

Several equities analysts have issued reports on the stock. Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a research note on Thursday, March 27th. Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Bitfarms in a research report on Thursday, March 27th. Finally, HC Wainwright lowered their price target on Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Thursday, March 27th.

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $0.77 on Monday. The firm has a market cap of $368.22 million, a P/E ratio of -2.13 and a beta of 3.74. Bitfarms has a twelve month low of $0.72 and a twelve month high of $3.28. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average of $1.19 and a 200 day moving average of $1.67.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, March 27th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.07. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. The firm had revenue of $54.40 million during the quarter, compared to analysts’ expectations of $54.22 million. As a group, research analysts expect that Bitfarms will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp increased its stake in shares of Bitfarms by 106.6% in the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock worth $18,705,000 after purchasing an additional 6,477,985 shares in the last quarter. Geode Capital Management LLC increased its position in Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after buying an additional 81,760 shares in the last quarter. Barclays PLC bought a new position in shares of Bitfarms in the third quarter worth about $161,000. Charles Schwab Investment Management Inc. lifted its position in shares of Bitfarms by 121.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company’s stock valued at $3,728,000 after buying an additional 1,370,102 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Bitfarms by 1.3% during the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after buying an additional 63,916 shares in the last quarter. 20.59% of the stock is currently 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.