Bitfarms (NASDAQ:BITF) Raised to “Hold” at Wall Street Zen

Bitfarms (NASDAQ:BITF) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Separately, 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 objective for the company. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, Bitfarms presently has a consensus rating of “Buy” and an average price target of $3.95.

Bitfarms Stock Up 9.3%

Shares of NASDAQ:BITF opened at $2.23 on Friday. Bitfarms has a 1 year low of $0.67 and a 1 year high of $2.76. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The business’s 50-day moving average is $1.27 and its 200-day moving average is $1.07. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -13.12 and a beta of 3.50.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The business had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. Equities research analysts predict that Bitfarms will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

Several large investors have recently modified their holdings of BITF. Vident Advisory LLC increased its position in shares of 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 purchasing an additional 4,677,425 shares during the last quarter. Bank of America Corp DE grew its position in Bitfarms by 793.6% during the second quarter. Bank of America Corp DE now owns 143,978 shares of the company’s stock valued at $121,000 after buying an additional 127,865 shares during the period. 272 Capital LP purchased a new stake in Bitfarms during the second quarter valued at approximately $88,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Bitfarms by 38.5% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 783,306 shares of the company’s stock worth $658,000 after acquiring an additional 217,799 shares during the period. Finally, WINTON GROUP Ltd bought a new position in Bitfarms in the second quarter worth approximately $43,000. 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.