Bitfarms Ltd. (NASDAQ:BITF) Receives $3.97 Average PT from Brokerages

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the seven analysts that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $3.86.

A number of analysts have recently commented on BITF shares. HC Wainwright cut their target price on shares of Bitfarms from $4.00 to $3.50 and set a "buy" rating for the company in a research note on Thursday, March 27th. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a research note on Wednesday, January 8th. They set an "outperform" rating for the company. Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a research report on Thursday, March 27th. Finally, Industrial Alliance Securities set a $3.25 price target on Bitfarms in a research note on Thursday, March 27th.

Bitfarms Price Performance

BITF traded down $0.05 during trading on Monday, hitting $0.77. The company's stock had a trading volume of 12,900,668 shares, compared to its average volume of 28,811,719. The firm has a market capitalization of $368.22 million, a price-to-earnings ratio of -2.13 and a beta of 3.68. Bitfarms has a twelve month low of $0.72 and a twelve month high of $3.28. The business's fifty day simple moving average is $1.19 and its 200 day simple moving average is $1.68. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

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Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings results on Thursday, March 27th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.07. The firm had revenue of $54.40 million for the quarter, compared to analysts' expectations of $54.22 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. On average, equities research analysts forecast that Bitfarms will post -0.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors have recently added to or reduced their stakes in the stock. MMCAP International Inc. SPC grew its holdings in Bitfarms by 617.9% in the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company's stock valued at $19,896,000 after buying an additional 11,492,650 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Bitfarms by 106.6% during the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock valued at $18,705,000 after acquiring an additional 6,477,985 shares during the last quarter. Vident Advisory LLC grew its holdings in shares of Bitfarms by 87.6% in the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock valued at $9,016,000 after purchasing an additional 2,828,703 shares during the period. Paloma Partners Management Co increased its position in Bitfarms by 620.8% during the fourth quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company's stock worth $2,685,000 after purchasing an additional 1,551,900 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Bitfarms by 121.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock worth $3,728,000 after purchasing an additional 1,370,102 shares during the period. Hedge funds and other institutional investors own 20.59% of the company's stock.

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.