Bitfarms Ltd. (NASDAQ:BITF) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Bitfarms Ltd. (NASDAQ:BITF) have received a consensus recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $4.0417.

Several equities research analysts recently issued reports on BITF shares. Macquarie reissued an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. Wall Street Zen downgraded shares of Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Northland Securities set a $7.00 target price on Bitfarms in a report on Monday, October 13th. Cantor Fitzgerald boosted their price objective on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $3.00 price target (up from $2.50) on shares of Bitfarms in a research note on Tuesday, January 27th.

Bitfarms Trading Down 15.8%

NASDAQ BITF opened at $1.71 on Friday. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. Bitfarms has a twelve month low of $0.67 and a twelve month high of $6.60. The firm has a market capitalization of $1.03 billion, a PE ratio of -7.43 and a beta of 3.81. The stock’s 50 day moving average is $2.69 and its 200 day moving average is $2.64.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). The business had revenue of $69.25 million for the quarter, compared to analysts’ expectations of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. Research analysts forecast that Bitfarms will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of BITF. Thames Capital Management LLC purchased a new position in Bitfarms during the 3rd quarter valued at $19,834,000. Aurelius Capital Management LP purchased a new position in Bitfarms in the 3rd quarter worth about $18,999,000. Vident Advisory LLC lifted its holdings in Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock valued at $9,538,000 after buying an additional 4,677,425 shares in the last quarter. Two Sigma Investments LP bought a new stake in shares of Bitfarms during the third quarter valued at approximately $12,381,000. Finally, Azora Capital LP purchased a new position in Bitfarms during the 3rd quarter worth $11,545,000. 20.59% of the stock is owned by institutional investors.

About Bitfarms

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.