Bitfarms Ltd. (NASDAQ:BITF) Receives $3.95 Consensus PT from 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 received an average rating of "Buy" from the five research firms that are presently covering the company, Marketbeat reports. Five analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $3.95.

A number of research analysts recently commented on BITF shares. Jones Trading started coverage on Bitfarms in a research report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target on the stock. Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Arkadios Wealth Advisors bought a new position in Bitfarms in the 1st quarter valued at approximately $39,000. Cresset Asset Management LLC raised its position 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 worth $41,000 after purchasing an additional 9,795 shares during the period. WINTON GROUP Ltd acquired a new position in shares of Bitfarms during the second quarter worth approximately $43,000. Theory Financial LLC acquired a new position in shares of Bitfarms during the first quarter worth approximately $48,000. Finally, Baker Avenue Asset Management LP bought a new stake in Bitfarms during the second quarter worth $50,000. Institutional investors own 20.59% of the company's stock.

Bitfarms Stock Performance

Shares of BITF traded up $0.19 during midday trading on Tuesday, reaching $2.23. 139,419,043 shares of the stock were exchanged, compared to its average volume of 42,080,256. Bitfarms has a twelve month low of $0.67 and a twelve month high of $2.76. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.24 billion, a P/E ratio of -13.12 and a beta of 3.50. The stock's 50 day simple moving average is $1.27 and its 200 day simple moving average is $1.07.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted 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 firm had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. On average, sell-side analysts expect that Bitfarms will post -0.21 earnings per share for the current year.

About Bitfarms

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.