Bitfarms (NASDAQ:BITF) Stock Rating Upgraded by Wall Street Zen

Key Points

• Bitfarms (NASDAQ:BITF) has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, reflecting a more cautious outlook on the stock.
• Jones Trading initiated coverage with a "buy" rating and a price target of $2.00, while the overall average rating sits at "Buy" with a consensus price target of $3.95.
• Bitfarms reported a quarterly earnings miss with a loss of ($0.02) EPS against a consensus estimate of ($0.01), and revenue of $77.80 million, below the expected $79.78 million.

Bitfarms (NASDAQ:BITF - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday.

Separately, Jones Trading initiated coverage on shares of Bitfarms in a research report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, Bitfarms presently has a consensus rating of "Buy" and a consensus price target of $3.95.

Bitfarms Stock Performance

NASDAQ BITF traded up $0.15 during trading hours on Friday, reaching $3.20. The company's stock had a trading volume of 179,173,511 shares, compared to its average volume of 60,410,056. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The business has a 50-day simple moving average of $1.42 and a 200 day simple moving average of $1.12. Bitfarms has a 52 week low of $0.67 and a 52 week high of $3.60. The stock has a market cap of $1.78 billion, a PE ratio of -18.82 and a beta of 3.50.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The business had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. Equities research analysts predict that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several large investors have recently bought and sold shares of the company. Cresset Asset Management LLC increased its position in shares of 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 in the last quarter. Arkadios Wealth Advisors acquired a new stake in shares of Bitfarms during the 1st quarter worth about $39,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms during the 2nd quarter worth about $43,000. Baker Avenue Asset Management LP acquired a new stake in Bitfarms during the second quarter worth approximately $50,000. Finally, Theory Financial LLC bought a new position in Bitfarms in the 1st quarter valued at about $48,000. Institutional investors own 20.59% of the company's stock.

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.