Bitfarms Ltd. (NASDAQ:BITF) Given Average Rating of "Buy" by Analysts

Key Points

• Bitfarms Ltd. has received an average rating of "Buy" from five analysts, with an average 12-month price target of $3.95.
• The company's most recent earnings report showed a loss of ($0.02) EPS and revenue of $77.80 million, which fell short of analysts' expectations.
• Bitfarms has seen significant institutional buying, with Cresset Asset Management increasing its stake by 54.6% last quarter, highlighting investor interest in the company.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) has been given an average rating of "Buy" by the five analysts that are covering the company, Marketbeat reports. Five research analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have covered the stock in the last year is $3.95.

Several brokerages have recently commented on BITF. Jones Trading began coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 price objective for the company. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th.

Bitfarms Stock Performance

Shares of NASDAQ:BITF opened at $1.28 on Tuesday. The company has a market cap of $711.87 million, a price-to-earnings ratio of -7.53 and a beta of 3.50. The company has a 50-day moving average price of $1.20 and a 200-day moving average price of $1.05. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. Bitfarms has a 12 month low of $0.67 and a 12 month high of $2.76.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. As a group, equities analysts anticipate that Bitfarms will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors have recently bought and sold shares of the stock. Cresset Asset Management LLC increased its stake in shares of Bitfarms by 54.6% during the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock valued at $41,000 after purchasing an additional 9,795 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Bitfarms by 1.4% during the second quarter. Cetera Investment Advisers now owns 789,700 shares of the company's stock valued at $664,000 after purchasing an additional 10,622 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Bitfarms by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock valued at $105,000 after purchasing an additional 13,378 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Bitfarms by 4.1% during the second quarter. Legal & General Group Plc now owns 370,869 shares of the company's stock valued at $309,000 after purchasing an additional 14,513 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of Bitfarms by 10.0% during the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company's stock valued at $238,000 after purchasing an additional 14,865 shares in the last quarter. 20.59% of the stock is owned by 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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