Keefe, Bruyette & Woods Reiterates Market Perform Rating for Bitfarms (NASDAQ:BITF)

Bitfarms (NASDAQ:BITF)‘s stock had its “market perform” rating restated by investment analysts at Keefe, Bruyette & Woods in a report issued on Tuesday,Benzinga reports. They presently have a $3.00 price objective on the stock, up from their previous price objective of $2.50. Keefe, Bruyette & Woods’ price objective points to a potential upside of 15.83% from the stock’s current price.

BITF has been the subject of a number of other reports. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective (down from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Cantor Fitzgerald increased their target price on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Finally, Wall Street Zen lowered Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $4.04.

Bitfarms Price Performance

Shares of BITF stock opened at $2.59 on Tuesday. Bitfarms has a 12 month low of $0.67 and a 12 month high of $6.60. The company has a market capitalization of $1.55 billion, a P/E ratio of -11.26 and a beta of 3.81. The stock has a 50 day moving average of $2.77 and a two-hundred day moving average of $2.60. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11.

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

Hedge Funds Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently bought and sold shares of BITF. Thames Capital Management LLC bought a new stake in shares of Bitfarms during the third quarter worth $19,834,000. Aurelius Capital Management LP bought a new stake in Bitfarms during the 3rd quarter worth about $18,999,000. Vident Advisory LLC grew its holdings in Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after acquiring an additional 4,677,425 shares during the last quarter. Two Sigma Investments LP acquired a new stake in Bitfarms in the 3rd quarter valued at about $12,381,000. Finally, Azora Capital LP bought a new position in shares of Bitfarms in the third quarter worth about $11,545,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.