Bitfarms Ltd. (NASDAQ:BITF) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the six research firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $3.84.

A number of equities research analysts recently commented on the company. Industrial Alliance Securities set a $3.25 target price on Bitfarms in a research report on Thursday, March 27th. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research report on Thursday, March 27th. HC Wainwright dropped their target price on Bitfarms from $4.00 to $3.50 and set a "buy" rating on the stock in a research report on Thursday, March 27th. Finally, Keefe, Bruyette & Woods started coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an "outperform" rating on the stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Invesco Ltd. raised its stake in shares of Bitfarms by 9.3% during the 4th quarter. Invesco Ltd. now owns 13,355,913 shares of the company's stock worth $19,900,000 after buying an additional 1,140,037 shares during the period. MMCAP International Inc. SPC raised its stake in Bitfarms by 617.9% in the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock valued at $19,896,000 after purchasing an additional 11,492,650 shares during the last quarter. Van ECK Associates Corp raised its stake in Bitfarms by 106.6% in the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock valued at $18,705,000 after purchasing an additional 6,477,985 shares during the last quarter. Vident Advisory LLC raised its stake in Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock valued at $9,016,000 after purchasing an additional 2,828,703 shares during the last quarter. Finally, State Street Corp raised its stake in Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company's stock valued at $10,376,000 after purchasing an additional 63,916 shares during the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Stock Up 0.1 %

Shares of BITF stock traded up $0.00 during trading hours on Friday, reaching $1.00. 15,615,552 shares of the company's stock were exchanged, compared to its average volume of 28,400,972. Bitfarms has a 1 year low of $0.67 and a 1 year high of $3.28. The stock has a market cap of $538.61 million, a PE ratio of -2.77 and a beta of 3.74. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock's fifty day moving average price is $0.97 and its two-hundred day moving average price is $1.52.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings results on Thursday, March 27th. The company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.07. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. The business had revenue of $54.40 million for the quarter, compared to analyst estimates of $54.22 million. Research analysts predict that Bitfarms will post -0.21 EPS for the current year.

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.