Bitfarms (NASDAQ:BITF) Issues Quarterly Earnings Results

Bitfarms (NASDAQ:BITF) announced its quarterly earnings data on Thursday. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.07, Zacks reports. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. The business had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million.

Bitfarms Price Performance

Shares of BITF stock opened at $0.95 on Friday. The company’s 50-day simple moving average is $1.29 and its two-hundred day simple moving average is $1.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. Bitfarms has a one year low of $0.93 and a one year high of $3.28. The company has a market capitalization of $456.85 million, a P/E ratio of -2.65 and a beta of 3.68.

Analyst Ratings Changes

BITF has been the topic of a number of research reports. Alliance Global Partners initiated coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. HC Wainwright dropped their price target on shares of Bitfarms from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Thursday. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.97.

Bitfarms Company Profile

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.