Bitfarms (NASDAQ:BITF) Now Covered by Cantor Fitzgerald

Analysts at Cantor Fitzgerald initiated coverage on shares of Bitfarms (NASDAQ:BITFGet Free Report) in a research note issued on Tuesday, StockNewsAPI reports. The firm set an “overweight” rating and a $5.00 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 117.39% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. HC Wainwright began coverage on shares of Bitfarms in a research report on Tuesday, June 4th. They issued a “buy” rating and a $4.00 price objective for the company. B. Riley lowered their price objective on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, May 17th. Stifel Nicolaus downgraded shares of Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their target price for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. Finally, Northland Securities began coverage on shares of Bitfarms in a report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Check Out Our Latest Report on Bitfarms

Bitfarms Stock Down 4.2 %

BITF stock opened at $2.30 on Tuesday. The stock’s 50 day moving average is $1.99 and its 200-day moving average is $2.35. Bitfarms has a twelve month low of $0.92 and a twelve month high of $3.91. The firm has a market capitalization of $901.14 million, a PE ratio of -6.05 and a beta of 3.68. The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITFGet Free Report) last posted its earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.01. The firm had revenue of $50.32 million during the quarter, compared to analyst estimates of $50.51 million. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. Sell-side analysts expect that Bitfarms will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in shares of Bitfarms in the fourth quarter valued at approximately $29,000. Pasadena Private Wealth LLC purchased a new stake in Bitfarms in the 4th quarter worth approximately $34,000. VitalStone Financial LLC bought a new position in shares of Bitfarms in the first quarter worth $37,000. Shell Asset Management Co. purchased a new stake in shares of Bitfarms in the first quarter worth $43,000. Finally, Sloy Dahl & Holst LLC bought a new stake in Bitfarms during the fourth quarter valued at $44,000. Institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

(Get Free Report)

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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Analyst Recommendations for Bitfarms (NASDAQ:BITF)

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