Bitfarms (NASDAQ:BITF) Coverage Initiated by Analysts at Compass Point

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.

Equities researchers at Compass Point assumed coverage on shares of Bitfarms (NASDAQ:BITF - Get Free Report) in a report issued on Monday, Marketbeat.com reports. The firm set a "buy" rating on the stock.

BITF has been the subject of several other research reports. Jones Trading assumed coverage on shares of Bitfarms in a research note on Monday, July 21st. They issued 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 report on Saturday, September 13th. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $3.95.

Bitfarms Stock Performance

Shares of Bitfarms stock traded down $0.02 during midday trading on Monday, hitting $3.19. The company had a trading volume of 67,314,955 shares, compared to its average volume of 31,152,943. Bitfarms has a 1-year low of $0.67 and a 1-year high of $3.60. The business's 50 day simple moving average is $1.42 and its two-hundred day simple moving average is $1.12. The stock has a market cap of $1.77 billion, a PE ratio of -18.79 and a beta of 3.50. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted 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). The company had revenue of $77.80 million during 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, equities analysts predict that Bitfarms will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. Vident Advisory LLC grew 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 purchasing an additional 4,677,425 shares during the last quarter. Bank of America Corp DE lifted its holdings in Bitfarms by 793.6% in the second quarter. Bank of America Corp DE now owns 143,978 shares of the company's stock valued at $121,000 after acquiring an additional 127,865 shares during the last quarter. 272 Capital LP acquired a new position in Bitfarms during the 2nd quarter worth $88,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Bitfarms by 38.5% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 783,306 shares of the company's stock valued at $658,000 after purchasing an additional 217,799 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new position in Bitfarms during the 2nd quarter worth approximately $43,000. 20.59% of the stock is currently owned by institutional investors.

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.