Bitfarms (NASDAQ:BITF) Earns “Market Perform” Rating from Keefe, Bruyette & Woods

Bitfarms (NASDAQ:BITF)‘s stock had its “market perform” rating reiterated by equities researchers at Keefe, Bruyette & Woods in a note issued to investors on Tuesday, MarketBeat reports. They presently have a $3.00 price target on the stock, up from their previous price target of $2.50. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 15.38% from the company’s current price.

Several other equities analysts have also commented on BITF. Wall Street Zen lowered shares of Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Cantor Fitzgerald lifted their price objective on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Northland Securities set a $7.00 price objective on shares of Bitfarms in a research report on Monday, October 13th. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Finally, B. Riley reissued a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.04.

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $2.60 on Tuesday. The business has a fifty day moving average price of $2.77 and a two-hundred day moving average price of $2.61. The stock has a market capitalization of $1.55 billion, a PE ratio of -11.30 and a beta of 3.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. Bitfarms has a fifty-two week low of $0.67 and a fifty-two week high of $6.60.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). The company had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%. As a group, equities analysts predict that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Large investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Bitfarms during the second quarter worth about $211,000. Public Employees Retirement System of Ohio boosted its position in Bitfarms by 41.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 177,532 shares of the company’s stock worth $147,000 after buying an additional 52,044 shares during the period. TD Asset Management Inc boosted its position in Bitfarms by 34.4% during the 2nd quarter. TD Asset Management Inc now owns 538,314 shares of the company’s stock worth $446,000 after buying an additional 137,782 shares during the period. Chicago Partners Investment Group LLC bought a new stake in Bitfarms during the 2nd quarter worth approximately $161,000. Finally, Harvest Portfolios Group Inc. increased its position in Bitfarms by 40.6% in the 2nd quarter. Harvest Portfolios Group Inc. now owns 146,203 shares of the company’s stock valued at $121,000 after acquiring an additional 42,240 shares during the period. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.