Bitfarms Ltd. (NASDAQ:BITF) Receives $4.35 Consensus Target Price from Brokerages

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $4.75.

A number of equities analysts have issued reports on BITF shares. Northland Securities set a $7.00 price objective on Bitfarms in a report on Monday, October 13th. Wall Street Zen raised shares of Bitfarms from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Jones Trading initiated 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. Compass Point began coverage on shares of Bitfarms in a research note on Monday, September 15th. They set a “buy” rating on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th.

Bitfarms Stock Performance

Shares of BITF opened at $3.97 on Wednesday. The company has a 50-day simple moving average of $3.11 and a two-hundred day simple moving average of $1.77. 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 firm has a market capitalization of $2.24 billion, a PE ratio of -23.35 and a beta of 3.76. Bitfarms has a one year low of $0.67 and a one year high of $6.60.

Bitfarms (NASDAQ:BITF) last announced its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. On average, analysts anticipate that Bitfarms will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC boosted its holdings in Bitfarms by 36.9% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock worth $111,000 after acquiring an additional 10,619 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Bitfarms by 1.4% in the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock worth $664,000 after purchasing an additional 10,622 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Bitfarms by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company’s stock worth $105,000 after purchasing an additional 13,378 shares in the last quarter. Legal & General Group Plc grew its position in Bitfarms by 4.1% during the 2nd quarter. Legal & General Group Plc now owns 370,869 shares of the company’s stock valued at $309,000 after purchasing an additional 14,513 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Bitfarms by 6.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 267,846 shares of the company’s stock valued at $755,000 after purchasing an additional 16,724 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.