Bitfarms (NASDAQ:BITF) Posts Earnings Results, Meets Estimates

Bitfarms (NASDAQ:BITF) released its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02), Zacks reports. The firm had revenue of $69.25 million for the quarter, compared to analysts’ expectations of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.42%.

Bitfarms Trading Down 0.8%

Shares of BITF stock traded down $0.02 during trading on Friday, hitting $2.58. 79,806,060 shares of the stock traded hands, compared to its average volume of 92,454,720. Bitfarms has a 52-week low of $0.67 and a 52-week high of $6.60. The firm has a market capitalization of $1.45 billion, a P/E ratio of -11.22 and a beta of 3.77. The firm’s fifty day moving average price is $3.54 and its 200-day moving average price is $1.93. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03.

Hedge Funds Weigh In On Bitfarms

Large investors have recently modified their holdings of the business. Invesco Ltd. increased its position in shares of Bitfarms by 8.6% during the 3rd quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock worth $40,533,000 after purchasing an additional 1,138,549 shares during the last quarter. Vident Advisory LLC boosted its stake in Bitfarms by 70.0% during the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after buying an additional 4,677,425 shares during the period. Two Sigma Investments LP acquired a new stake in shares of Bitfarms during the third quarter valued at about $12,381,000. Geode Capital Management LLC raised its stake in shares of Bitfarms by 3.8% in the 2nd quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company’s stock valued at $2,860,000 after acquiring an additional 125,156 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Bitfarms in the 3rd quarter worth approximately $5,338,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BITF shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Cantor Fitzgerald boosted their price target on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research report on Friday. B. Riley reiterated a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Finally, Wall Street Zen lowered shares of Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday. Eight research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.54.

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.