Bitfarms Ltd. (NASDAQ:BITF) Given Consensus Rating of “Buy” by Analysts

Bitfarms Ltd. (NASDAQ:BITF) has earned a consensus rating of “Buy” from the five ratings firms that are currently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a buy rating. The average 1-year price objective among analysts that have covered the stock in the last year is $3.95.

A number of research firms recently commented on BITF. Alliance Global Partners reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, May 14th. HC Wainwright restated a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Jones Trading started coverage on shares of Bitfarms in a research report on Monday, July 21st. They set a “buy” rating and a $2.00 price target for the company.

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently bought and sold shares of the business. National Bank of Canada FI grew its holdings in shares of Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock valued at $31,000 after buying an additional 19,877 shares during the last quarter. Cresset Asset Management LLC grew its holdings 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 valued at $41,000 after buying an additional 9,795 shares during the last quarter. Arkadios Wealth Advisors purchased a new stake in shares of Bitfarms during the first quarter valued at approximately $39,000. Theory Financial LLC purchased a new stake in shares of Bitfarms during the first quarter valued at approximately $48,000. Finally, Blue Rock Wealth Management LLC purchased a new stake in shares of Bitfarms during the first quarter valued at approximately $59,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Performance

Shares of Bitfarms stock opened at $1.23 on Monday. The company has a current ratio of 2.64, a quick ratio of 2.58 and a debt-to-equity ratio of 0.03. The business has a 50-day moving average price of $0.98 and a two-hundred day moving average price of $1.09. The company has a market cap of $685.79 million, a P/E ratio of -6.47 and a beta of 3.45. Bitfarms has a 1-year low of $0.67 and a 1-year high of $2.84.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. The business had revenue of $66.85 million for the quarter, compared to analysts’ expectations of $67.17 million. As a group, analysts anticipate that Bitfarms will post -0.21 EPS for the current year.

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.