Analysts Set Bitfarms Ltd. (NASDAQ:BITF) PT at $4.35

Shares of Bitfarms Ltd. (NASDAQ:BITF) have received a consensus rating of “Moderate Buy” from the eight research firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $4.75.

Several research firms recently commented on BITF. Compass Point began coverage on shares of Bitfarms in a report on Monday, September 15th. They set a “buy” rating on the stock. Wall Street Zen raised shares of Bitfarms from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. HC Wainwright reaffirmed a “buy” rating and set a $5.50 target price on shares of Bitfarms in a report on Wednesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC lifted its position in shares of Bitfarms by 36.9% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock worth $111,000 after purchasing an additional 10,619 shares during the period. Intact Investment Management Inc. purchased a new position in Bitfarms during the 3rd quarter valued at about $768,000. PFG Investments LLC purchased a new position in Bitfarms during the 3rd quarter valued at about $71,000. Chicago Partners Investment Group LLC lifted its position in Bitfarms by 62.2% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 311,198 shares of the company’s stock valued at $878,000 after acquiring an additional 119,386 shares during the period. Finally, Huntleigh Advisors Inc. purchased a new position in Bitfarms during the 3rd quarter valued at about $104,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Bitfarms Price Performance

Shares of NASDAQ:BITF opened at $3.97 on Wednesday. The company’s fifty day moving average price is $3.11 and its 200-day moving average price is $1.76. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -23.35 and a beta of 3.73. Bitfarms has a one year low of $0.67 and a one year high of $6.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The company had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. On average, equities research analysts anticipate that Bitfarms will post -0.21 earnings per share for the current fiscal year.

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.