Bitfarms’ (BITF) Overweight Rating Reiterated at Cantor Fitzgerald

Bitfarms (NASDAQ:BITF)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $4.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 74.67% from the company’s current price.

A number of other research firms have also recently weighed in on BITF. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Tuesday. B. Riley reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, December 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $4.25.

Bitfarms Price Performance

BITF stock traded up $0.13 during midday trading on Thursday, hitting $2.29. 25,085,967 shares of the stock were exchanged, compared to its average volume of 26,781,520. The stock’s 50-day moving average price is $2.60 and its 200-day moving average price is $2.01. The stock has a market cap of $765.20 million, a price-to-earnings ratio of -6.27 and a beta of 3.71. Bitfarms has a fifty-two week low of $0.82 and a fifty-two week high of $3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period in the previous year, the firm posted ($0.07) earnings per share. Research analysts predict that Bitfarms will post -0.17 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vima LLC purchased a new stake in shares of Bitfarms in the fourth quarter valued at $91,000. Voya Investment Management LLC grew its position in shares of Bitfarms by 32.5% in the fourth quarter. Voya Investment Management LLC now owns 97,535 shares of the company’s stock valued at $284,000 after purchasing an additional 23,915 shares during the period. Vident Advisory LLC grew its position in shares of Bitfarms by 21.6% in the fourth quarter. Vident Advisory LLC now owns 1,721,753 shares of the company’s stock valued at $5,015,000 after purchasing an additional 305,681 shares during the period. Nwam LLC grew its position in shares of Bitfarms by 5.8% in the fourth quarter. Nwam LLC now owns 71,388 shares of the company’s stock valued at $208,000 after purchasing an additional 3,927 shares during the period. Finally, Bayesian Capital Management LP purchased a new stake in shares of Bitfarms in the fourth quarter valued at $86,000. 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.