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

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) has received an average recommendation of "Moderate Buy" from the five analysts that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $4.01.

BITF has been the subject of several research reports. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a report on Thursday, March 27th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th.

Bitfarms Price Performance

Shares of Bitfarms stock opened at $1.15 on Tuesday. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. Bitfarms has a 12-month low of $0.67 and a 12-month high of $3.28. The company has a market cap of $620.08 million, a P/E ratio of -3.19 and a beta of 3.69. The company's fifty day simple moving average is $0.95 and its two-hundred day simple moving average is $1.43.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The company had revenue of $66.85 million for the quarter, compared to analysts' expectations of $67.17 million. Research analysts anticipate that Bitfarms will post -0.21 EPS for the current year.

Institutional Trading of Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in BITF. MMCAP International Inc. SPC raised its stake in Bitfarms by 617.9% during the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock valued at $19,896,000 after buying an additional 11,492,650 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Bitfarms by 106.6% during the fourth quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock valued at $18,705,000 after acquiring an additional 6,477,985 shares in the last quarter. Vident Advisory LLC raised its position in shares of Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock worth $9,016,000 after purchasing an additional 2,828,703 shares during the last quarter. Continental General Insurance Co. bought a new position in Bitfarms in the 1st quarter worth about $2,124,000. Finally, Paloma Partners Management Co grew its position in Bitfarms by 620.8% during the 4th quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company's stock valued at $2,685,000 after purchasing an additional 1,551,900 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company's stock.

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.

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