Analysts Set Bitfarms Ltd. (NASDAQ:BITF) Target Price at $4.25

Shares of Bitfarms Ltd. (NASDAQ:BITF) have been given an average rating of “Moderate Buy” by the nine ratings firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $4.25.

A number of brokerages have recently issued reports on BITF. Compass Point assumed coverage on shares of Bitfarms in a report on Monday, September 15th. They issued a “buy” rating on the stock. Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Macquarie restated an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Cantor Fitzgerald increased their price objective on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Finally, HC Wainwright reissued a “buy” rating and set a $4.00 price objective (down previously from $5.50) on shares of Bitfarms in a research note on Friday, November 14th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Thames Capital Management LLC bought a new stake in Bitfarms during the third quarter valued at approximately $19,834,000. Aurelius Capital Management LP purchased a new stake in shares of Bitfarms during the 3rd quarter valued at $18,999,000. Vident Advisory LLC lifted its holdings in shares of Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after acquiring an additional 4,677,425 shares during the last quarter. Two Sigma Investments LP purchased a new position in Bitfarms in the third quarter worth $12,381,000. Finally, Azora Capital LP purchased a new position in Bitfarms in the third quarter worth $11,545,000. 20.59% of the stock is currently owned by institutional investors.

Bitfarms Price Performance

Shares of NASDAQ BITF opened at $2.53 on Thursday. The stock has a market cap of $1.51 billion, a PE ratio of -11.00 and a beta of 3.78. Bitfarms has a fifty-two week low of $0.67 and a fifty-two week high of $6.60. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The stock has a fifty day moving average of $3.53 and a 200-day moving average of $2.25.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The business had revenue of $69.25 million for the quarter, compared to analysts’ expectations of $84.66 million. Equities research analysts anticipate that Bitfarms will post -0.21 earnings per share for the current year.

About Bitfarms

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.