Bitfarms Ltd. (NASDAQ:BITF) Given Average Recommendation of “Moderate Buy” by Brokerages

Bitfarms Ltd. (NASDAQ:BITF) has received an average rating of “Moderate Buy” from the nine brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $4.0417.

BITF has been the topic of a number of research analyst reports. B. Riley Financial reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Cantor Fitzgerald upped their price target on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $3.00 price objective (up previously from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. HC Wainwright reiterated a “buy” rating and set a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, January 21st.

Hedge Funds Weigh In On Bitfarms

A number of large investors have recently bought and sold shares of the business. Farther Finance Advisors LLC grew its holdings in shares of Bitfarms by 144.7% during the fourth quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock valued at $26,000 after purchasing an additional 6,510 shares during the last quarter. US Bancorp DE acquired a new position in Bitfarms during the 3rd quarter valued at approximately $34,000. Apollon Wealth Management LLC bought a new position in Bitfarms during the 4th quarter worth $35,000. WINTON GROUP Ltd acquired a new stake in Bitfarms in the second quarter worth $43,000. Finally, Powell Investment Advisors LLC bought a new stake in Bitfarms in the fourth quarter valued at $45,000. Institutional investors own 20.59% of the company’s stock.

Bitfarms Price Performance

BITF opened at $2.07 on Friday. The company has a market capitalization of $1.25 billion, a P/E ratio of -9.00 and a beta of 3.81. The company has a 50-day moving average of $2.59 and a 200-day moving average of $2.68. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. Bitfarms has a 1-year low of $0.67 and a 1-year high of $6.60.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). The business had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%. Equities analysts expect that Bitfarms will post -0.21 EPS for the current fiscal year.

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.