Bitfarms (NASDAQ:BITF) Earns Buy Rating from Analysts at Jones Trading

Analysts at Jones Trading assumed coverage on shares of Bitfarms (NASDAQ:BITF - Get Free Report) in a note issued to investors on Monday,Benzinga reports. The brokerage set a "buy" rating and a $2.00 price target on the stock. Jones Trading's price objective indicates a potential upside of 70.21% from the stock's previous close.

BITF has been the subject of a number of other reports. HC Wainwright restated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price target on shares of Bitfarms in a research report on Thursday, March 27th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Bitfarms currently has an average rating of "Buy" and an average target price of $3.95.

Bitfarms Stock Performance

BITF stock traded up $0.14 during trading on Monday, reaching $1.18. The company had a trading volume of 28,658,129 shares, compared to its average volume of 27,439,363. The firm has a 50-day simple moving average of $0.96 and a 200-day simple moving average of $1.11. The company has a market cap of $655.12 million, a price-to-earnings ratio of -6.24 and a beta of 3.45. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.58 and a current ratio of 2.64. Bitfarms has a twelve month low of $0.67 and a twelve month high of $2.91.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. The business had revenue of $66.85 million during the quarter, compared to analysts' expectations of $67.17 million. As a group, sell-side analysts expect that Bitfarms will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently made changes to their positions in BITF. National Bank of Canada FI grew its stake in Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after acquiring an additional 19,877 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in Bitfarms during the first quarter worth about $39,000. Cresset Asset Management LLC raised its position in Bitfarms by 54.6% during the fourth 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 during the last quarter. Theory Financial LLC acquired a new position in Bitfarms during the first quarter worth about $48,000. Finally, Blue Rock Wealth Management LLC acquired a new position in Bitfarms during the first quarter worth about $59,000. 20.59% of the stock is owned by institutional investors and hedge funds.

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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