Bitfarms’ (BITF) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Bitfarms (NASDAQ:BITF) in a report published on Tuesday, Benzinga reports. They currently have a $5.00 target price on the stock.

Several other research analysts also recently commented on the stock. B. Riley dropped their target price on shares of Bitfarms from $4.00 to $3.00 and set a buy rating on the stock in a report on Friday, May 17th. Stifel Nicolaus downgraded shares of Bitfarms from a speculative buy rating to a hold rating and dropped their price objective for the stock from $3.25 to $2.30 in a report on Thursday, May 30th. Finally, HC Wainwright reissued a buy rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $3.66.

Bitfarms Trading Down 6.3 %

Bitfarms stock opened at $1.79 on Tuesday. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03. Bitfarms has a 12 month low of $0.92 and a 12 month high of $3.91. The company’s fifty day simple moving average is $2.40 and its 200-day simple moving average is $2.34. The stock has a market cap of $732.66 million, a P/E ratio of -4.71 and a beta of 3.64.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The firm had revenue of $41.55 million for the quarter, compared to the consensus estimate of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. As a group, sell-side analysts forecast that Bitfarms will post -0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Institutional investors have recently modified their holdings of the business. Tidal Investments LLC boosted its stake in Bitfarms by 58.4% in the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after acquiring an additional 2,571,647 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Bitfarms in the 2nd quarter worth $4,016,000. Van ECK Associates Corp grew its stake in shares of Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after purchasing an additional 1,404,895 shares during the period. Vident Advisory LLC increased its holdings in Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after purchasing an additional 885,217 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in Bitfarms in the first quarter valued at about $1,640,000. 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.