Bitfarms (NASDAQ:BITF) Releases Quarterly Earnings Results

Bitfarms (NASDAQ:BITF) released its quarterly earnings results on Thursday. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02), Zacks reports. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%.

Bitfarms Stock Performance

Shares of Bitfarms stock traded down $0.54 during trading on Thursday, hitting $2.63. 102,999,030 shares of the company’s stock were exchanged, compared to its average volume of 44,177,207. The business has a 50-day simple moving average of $3.49 and a 200-day simple moving average of $1.92. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -15.44 and a beta of 3.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. Bitfarms has a 52-week low of $0.67 and a 52-week high of $6.60.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BITF shares. 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 target price for the company. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. HC Wainwright restated a “buy” rating and set a $5.50 target price on shares of Bitfarms in a research note on Wednesday, October 29th. Finally, Compass Point assumed coverage on Bitfarms in a research report on Monday, September 15th. They set a “buy” rating on the stock. Seven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.75.

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in shares of Bitfarms by 40.4% during the 2nd quarter. Invesco Ltd. now owns 13,234,973 shares of the company’s stock worth $11,120,000 after acquiring an additional 3,806,810 shares in the last quarter. Vident Advisory LLC boosted its position in Bitfarms by 70.0% during the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after purchasing an additional 4,677,425 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Bitfarms by 3.8% in the second quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company’s stock valued at $2,860,000 after buying an additional 125,156 shares in the last quarter. Swiss National Bank raised its stake in shares of Bitfarms by 24.4% during the 3rd quarter. Swiss National Bank now owns 1,032,800 shares of the company’s stock worth $2,918,000 after buying an additional 202,700 shares during the period. Finally, Cetera Investment Advisers lifted its position in shares of Bitfarms by 1.4% during the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock valued at $664,000 after buying an additional 10,622 shares in the last quarter. Institutional investors and hedge funds 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.