Bitfarms (NASDAQ:BITF) Stock Rating Lowered by Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods downgraded Bitfarms from a "moderate buy" to a "hold" in a report released Monday.
• Analyst coverage is mixed — seven Buys, one Hold and one Sell — leaving an overall average rating of "Moderate Buy" and an average price target of $4.04.
• Fundamentals show weakness: Q3 EPS was ($0.02) (in line with consensus) but revenue missed at $69.25M vs. $84.66M expected, with a negative net margin of 48.26% and the stock trading around $2.60 (1‑year range $0.67–$6.60).

Bitfarms (NASDAQ:BITF - Get Free Report) was downgraded by analysts at Keefe, Bruyette & Woods from a "moderate buy" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

BITF has been the topic of several other research reports. Macquarie reiterated an "outperform" rating on shares of Bitfarms in a research report on Monday, October 13th. Wall Street Zen lowered Bitfarms from a "hold" rating to a "sell" rating in a research report on Saturday, November 15th. HC Wainwright restated a "buy" rating and issued a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday, January 21st. Finally, Northland Securities set a $7.00 price objective on Bitfarms in a research report on Monday, October 13th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $4.04.

Bitfarms Stock Performance

Bitfarms stock opened at $2.60 on Monday. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.55 billion, a P/E ratio of -11.30 and a beta of 3.81. Bitfarms has a 1-year low of $0.67 and a 1-year high of $6.60. The firm has a 50-day moving average of $2.77 and a 200-day moving average of $2.61.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, hitting the consensus estimate of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The business had revenue of $69.25 million during the quarter, compared to analysts' expectations of $84.66 million. Sell-side analysts expect that Bitfarms will post -0.21 EPS for the current year.

Institutional Trading of Bitfarms

Institutional investors and hedge funds have recently modified their holdings of the business. Invesco Ltd. raised its stake in shares of Bitfarms by 8.6% in the third quarter. Invesco Ltd. now owns 14,373,522 shares of the company's stock worth $40,533,000 after purchasing an additional 1,138,549 shares during the last quarter. Vident Advisory LLC raised its position in Bitfarms by 70.0% in the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock worth $9,538,000 after buying an additional 4,677,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Bitfarms by 36.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,060,389 shares of the company's stock valued at $19,941,000 after acquiring an additional 1,898,490 shares during the period. Thames Capital Management LLC purchased a new stake in shares of Bitfarms during the 3rd quarter valued at about $19,834,000. Finally, Aurelius Capital Management LP bought a new stake in shares of Bitfarms in the third quarter worth approximately $18,999,000. Institutional investors own 20.59% of the company's stock.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.

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