Northland Securities Initiates Coverage on Bitfarms (NASDAQ:BITF)

Northland Securities began coverage on shares of Bitfarms (NASDAQ:BITF - Free Report) in a research report report published on Thursday, Benzinga reports. The brokerage issued an outperform rating and a $4.00 price objective on the stock.

BITF has been the subject of several other reports. HC Wainwright reissued a buy rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Tuesday, March 26th. Cantor Fitzgerald reissued an overweight rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, March 28th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Bitfarms presently has a consensus rating of Buy and an average price target of $4.20.

Bitfarms Trading Down 2.7 %

Shares of NASDAQ BITF traded down $0.06 during mid-day trading on Thursday, hitting $2.01. 11,665,355 shares of the company traded hands, compared to its average volume of 24,983,195. Bitfarms has a 1 year low of $0.92 and a 1 year high of $3.91. The stock has a market capitalization of $714.36 million, a price-to-earnings ratio of -5.42 and a beta of 3.62. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.04. The business has a 50 day moving average of $2.42 and a two-hundred day moving average of $2.14.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $46.24 million during the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period in the prior year, the business posted ($0.07) earnings per share. On average, sell-side analysts anticipate that Bitfarms will post -0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vontobel Holding Ltd. raised its stake in shares of Bitfarms by 7.8% during the 4th quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company's stock worth $238,000 after purchasing an additional 5,900 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Bitfarms by 39.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company's stock valued at $70,000 after acquiring an additional 6,837 shares during the last quarter. Headlands Technologies LLC increased its holdings in shares of Bitfarms by 64.7% during the 4th quarter. Headlands Technologies LLC now owns 18,908 shares of the company's stock valued at $55,000 after acquiring an additional 7,429 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Bitfarms during the 4th quarter valued at about $29,000. Finally, Evanson Asset Management LLC increased its holdings in shares of Bitfarms by 58.1% during the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company's stock valued at $63,000 after acquiring an additional 10,457 shares during the last quarter. 20.59% of the stock is owned by hedge funds and other 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.