Compass Point Initiates Coverage on Bitfarms (NASDAQ:BITF)

Key Points

• Compass Point has initiated coverage on Bitfarms (NASDAQ:BITF) with a "buy" rating, indicating positive analyst sentiment for the stock.
• Despite a recent earnings miss, Bitfarms maintains a consensus rating of "Buy" from six investment analysts, with a target price of $3.95.
• Bitfarms, involved in cryptocurrency mining across several countries, has a current market capitalization of $1.24 billion and recent trading performance shows a fluctuation between a 52-week low of $0.67 and high of $2.76.

Research analysts at Compass Point started coverage on shares of Bitfarms (NASDAQ:BITF - Get Free Report) in a report issued on Monday. The brokerage set a "buy" rating on the stock.

A number of other brokerages also recently weighed in on BITF. Jones Trading initiated coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 target price for the company. Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $3.95.

Bitfarms Price Performance

BITF stock opened at $2.23 on Monday. The company has a fifty day moving average price of $1.27 and a 200-day moving average price of $1.07. The company has a market capitalization of $1.24 billion, a P/E ratio of -13.12 and a beta of 3.50. Bitfarms has a 52-week low of $0.67 and a 52-week high of $2.76. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings results 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). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The business had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. As a group, equities analysts expect that Bitfarms will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently bought and sold shares of BITF. Arkadios Wealth Advisors bought a new stake in Bitfarms in the first quarter valued at $39,000. Cresset Asset Management LLC increased its stake in Bitfarms by 54.6% in the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock valued at $41,000 after purchasing an additional 9,795 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Bitfarms during the second quarter valued at about $43,000. Theory Financial LLC acquired a new position in shares of Bitfarms during the first quarter valued at about $48,000. Finally, Baker Avenue Asset Management LP acquired a new position in shares of Bitfarms during the second quarter valued at about $50,000. 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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