Bitfarms (NASDAQ:BITF) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Bitfarms (NASDAQ:BITF) in a research report released on Thursday, Benzinga reports. Cantor Fitzgerald currently has a $5.00 price target on the stock.

Separately, HC Wainwright reaffirmed a buy rating and set a $4.00 price target on shares of Bitfarms in a research note on Monday, September 23rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $3.66.

Bitfarms Trading Up 2.5 %

Shares of BITF stock opened at $2.02 on Thursday. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03. The business has a 50-day moving average price of $2.16 and a two-hundred day moving average price of $2.24. Bitfarms has a 12-month low of $0.92 and a 12-month high of $3.91. The firm has a market cap of $826.80 million, a P/E ratio of -5.32 and a beta of 3.63.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. VitalStone Financial LLC purchased a new position in shares of Bitfarms in the first quarter worth about $37,000. WINTON GROUP Ltd purchased a new position in Bitfarms during the 2nd quarter valued at about $38,000. Shell Asset Management Co. purchased a new position in Bitfarms during the 1st quarter valued at about $43,000. CCG Wealth Management LLC purchased a new position in Bitfarms during the 1st quarter valued at about $50,000. Finally, Evanson Asset Management LLC increased its holdings in Bitfarms by 58.1% during the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock valued at $63,000 after purchasing an additional 10,457 shares during the period. Hedge funds and other 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.