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

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) have received an average recommendation of "Buy" from the five analysts that are covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $3.95.

BITF has been the topic of a number of recent analyst reports. Industrial Alliance Securities set a $3.25 target price on Bitfarms in a research report on Thursday, March 27th. Jones Trading assumed coverage on Bitfarms in a report on Monday. They set a "buy" rating and a $2.00 price target on the stock. Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, HC Wainwright reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th.

Bitfarms Stock Performance

BITF stock traded up $0.11 on Monday, hitting $1.15. The company's stock had a trading volume of 37,756,216 shares, compared to its average volume of 25,347,402. The firm has a 50 day moving average of $0.96 and a two-hundred day moving average of $1.11. Bitfarms has a 1 year low of $0.67 and a 1 year high of $2.91. The stock has a market cap of $638.39 million, a price-to-earnings ratio of -6.03 and a beta of 3.45. The company has a current ratio of 2.64, a quick ratio of 2.58 and a debt-to-equity ratio of 0.03.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, hitting analysts' consensus estimates of ($0.04). Bitfarms had a negative return on equity of 12.70% and a negative net margin of 40.09%. The company had revenue of $66.85 million for the quarter, compared to the consensus estimate of $67.17 million. Equities analysts predict that Bitfarms will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Large investors have recently modified their holdings of the business. National Bank of Canada FI raised its holdings in Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock worth $31,000 after purchasing an additional 19,877 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in Bitfarms during the 1st quarter worth about $39,000. Cresset Asset Management LLC raised its position in shares of Bitfarms by 54.6% in the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after acquiring an additional 9,795 shares in the last quarter. Theory Financial LLC bought a new stake in shares of Bitfarms during the 1st quarter valued at about $48,000. Finally, Blue Rock Wealth Management LLC acquired a new stake in Bitfarms during the first quarter worth approximately $59,000. Institutional investors and hedge funds own 20.59% of the company's stock.

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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