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

Key Points

• Bitfarms Ltd. has received a consensus target price of $3.95, with a recommendation of "Buy" from multiple brokerages covering the stock.
• Institutional investors increased their positions in Bitfarms significantly during the last quarter, with Geode Capital Management increasing its holdings by 19.9% and XTX Topco Ltd. by 272.3%.
• Despite an increase in stock price forecasting, Bitfarms recently reported a loss of ($0.02) EPS for the quarter and missed revenue expectations.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) has received an average rating of "Buy" from the five ratings firms that are currently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $3.95.

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

Bitfarms Stock Down 4.0%

Shares of NASDAQ:BITF traded down $0.0550 during trading on Friday, reaching $1.3250. 20,744,090 shares of the stock were exchanged, compared to its average volume of 25,977,492. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. Bitfarms has a 1-year low of $0.67 and a 1-year high of $2.76. The stock has a fifty day moving average of $1.06 and a two-hundred day moving average of $1.06. The firm has a market cap of $738.75 million, a price-to-earnings ratio of -7.79 and a beta of 3.50.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. Research analysts anticipate that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Institutional investors have recently added to or reduced their stakes in the stock. Vident Advisory LLC boosted its position in shares of Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock valued at $9,538,000 after acquiring an additional 4,677,425 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Bitfarms by 793.6% during the 2nd quarter. Bank of America Corp DE now owns 143,978 shares of the company's stock valued at $121,000 after acquiring an additional 127,865 shares during the last quarter. 272 Capital LP bought a new stake in shares of Bitfarms during the 2nd quarter valued at about $88,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Bitfarms by 38.5% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 783,306 shares of the company's stock valued at $658,000 after acquiring an additional 217,799 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new stake in shares of Bitfarms during the 2nd quarter valued at about $43,000. 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.