Brokerages Set Bitfarms Ltd. (NASDAQ:BITF) PT at $4.04

Shares of Bitfarms Ltd. (NASDAQ:BITF) have received an average recommendation of “Moderate Buy” from the nine research firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $4.0417.

Several analysts have weighed in on BITF shares. Cantor Fitzgerald boosted their price objective on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, January 21st. B. Riley Financial restated a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $3.00 target price (up previously from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. Finally, Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. Farther Finance Advisors LLC increased its stake in shares of Bitfarms by 144.7% in the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock valued at $26,000 after acquiring an additional 6,510 shares during the last quarter. US Bancorp DE acquired a new position in Bitfarms during the third quarter valued at approximately $34,000. Apollon Wealth Management LLC bought a new stake in Bitfarms in the fourth quarter valued at approximately $35,000. WINTON GROUP Ltd acquired a new stake in Bitfarms in the second quarter worth $43,000. Finally, Powell Investment Advisors LLC bought a new position in shares of Bitfarms during the fourth quarter worth $45,000. Institutional investors own 20.59% of the company’s stock.

Bitfarms Stock Performance

BITF stock opened at $2.20 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The company has a 50 day moving average price of $2.63 and a 200 day moving average price of $2.68. Bitfarms has a fifty-two week low of $0.67 and a fifty-two week high of $6.60. The stock has a market capitalization of $1.32 billion, a PE ratio of -9.57 and a beta of 3.81.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The company had revenue of $69.25 million during the quarter, compared to analysts’ expectations of $84.66 million. Analysts forecast that Bitfarms will post -0.21 EPS for the current year.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.