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

Key Points

• Bitfarms Ltd. receives a consensus rating of "Moderate Buy" with five out of six analysts recommending a buy, while one analyst has a sell rating.
• The average 1-year price target for Bitfarms is estimated to be $3.6875, reflecting positive sentiment among analysts despite recent earnings misses.
• Institutional investors have increased their stakes in Bitfarms, with notable increases from Vident Advisory LLC and Invesco Ltd. over the past quarter.

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) have received an average recommendation of "Moderate Buy" from the six brokerages that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $3.6875.

Several equities research analysts have issued reports on BITF shares. Weiss Ratings restated a "sell (d-)" rating on shares of Bitfarms in a research report on Saturday, September 27th. Compass Point started coverage on shares of Bitfarms in a research report on Monday, September 15th. They set a "buy" rating for the company. Jones Trading assumed coverage on shares of Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 price objective for the company. Finally, Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a report on Saturday, September 13th.

Bitfarms Trading Up 2.7%

Shares of BITF stock opened at $3.01 on Friday. The firm has a 50 day moving average price of $1.80 and a two-hundred day moving average price of $1.25. 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 capitalization of $1.69 billion, a PE ratio of -17.70 and a beta of 3.73. Bitfarms has a 12-month low of $0.67 and a 12-month high of $3.60.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. As a group, analysts predict that Bitfarms will post -0.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BITF. Vident Advisory LLC increased its stake in Bitfarms by 70.0% in the second 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. Invesco Ltd. increased its stake in Bitfarms by 40.4% in the second quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock valued at $11,120,000 after acquiring an additional 3,806,810 shares during the last quarter. Continental General Insurance Co. bought a new position in Bitfarms in the first quarter valued at approximately $2,124,000. Charles Schwab Investment Management Inc. increased its stake in Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after acquiring an additional 1,306,212 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Bitfarms by 28.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after acquiring an additional 1,223,201 shares during the last quarter. 20.59% of the stock is owned by institutional investors.

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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