Bitfarms' (BITF) Sell (D-) Rating Reiterated at Weiss Ratings

Key Points

• Weiss Ratings has reaffirmed a "sell (D-)" rating for Bitfarms, while other analysts have recently provided mixed ratings with several upgrades to "buy" or "hold."
• Despite a recent uptick in stock price, Bitfarms reported an earnings miss with a reported loss of ($0.02) per share against expectations.
• The company has seen increasing interest from institutional investors, although it remains heavily rated as a "moderate buy" overall, with an average price target of $4.35.

Bitfarms (NASDAQ:BITF - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by research analysts at Weiss Ratings in a research report issued to clients and investors on Friday,Weiss Ratings reports.

Several other equities analysts have also issued reports on the stock. Wall Street Zen upgraded shares of Bitfarms from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Northland Securities set a $7.00 price target on Bitfarms in a research note on Monday, October 13th. Jones Trading began coverage on Bitfarms in a research note on Monday, July 21st. They issued a "buy" rating and a $2.00 price target on the stock. B. Riley restated a "buy" rating on shares of Bitfarms in a research note on Wednesday. Finally, Compass Point began coverage on Bitfarms in a research note on Monday, September 15th. They issued a "buy" rating on the stock. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $4.35.

Bitfarms Stock Up 10.8%

BITF traded up $0.45 during trading on Friday, reaching $4.61. The stock had a trading volume of 102,334,439 shares, compared to its average volume of 41,928,668. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of -27.12 and a beta of 3.73. The stock's 50 day moving average is $2.75 and its two-hundred day moving average is $1.61. Bitfarms has a one year low of $0.67 and a one year high of $6.60.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The business had revenue of $77.80 million during the quarter, compared to analysts' expectations of $79.78 million. As a group, analysts expect that Bitfarms will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

Several institutional investors have recently added to or reduced their stakes in BITF. Trium Capital LLP purchased a new stake in Bitfarms during the 1st quarter valued at $609,000. SBI Securities Co. Ltd. boosted its stake in Bitfarms by 69.9% during the 1st quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company's stock valued at $117,000 after purchasing an additional 61,085 shares during the last quarter. Theory Financial LLC purchased a new stake in Bitfarms during the 1st quarter valued at $48,000. Private Advisor Group LLC boosted its stake in Bitfarms by 26.2% during the 1st quarter. Private Advisor Group LLC now owns 178,100 shares of the company's stock valued at $140,000 after purchasing an additional 37,000 shares during the last quarter. Finally, TD Asset Management Inc boosted its stake in shares of Bitfarms by 5.0% in the 1st quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock worth $314,000 after buying an additional 19,089 shares during the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.

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