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

Shares of Bitfarms Ltd. (NASDAQ:BITF) have earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $4.25.

Several brokerages recently issued reports on BITF. Northland Securities set a $7.00 target price on Bitfarms in a research report on Monday, October 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. HC Wainwright restated a “buy” rating and set a $4.00 price objective (down previously from $5.50) on shares of Bitfarms in a report on Friday, November 14th. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Finally, Macquarie reissued an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th.

Hedge Funds Weigh In On Bitfarms

Several hedge funds have recently made changes to their positions in the company. Baader Bank Aktiengesellschaft lifted its position in Bitfarms by 390.4% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company’s stock worth $121,000 after acquiring an additional 114,245 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Bitfarms in the second quarter valued at about $211,000. Public Employees Retirement System of Ohio raised its stake in shares of Bitfarms by 41.5% in the second quarter. Public Employees Retirement System of Ohio now owns 177,532 shares of the company’s stock worth $147,000 after purchasing an additional 52,044 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Bitfarms by 34.4% during the second quarter. TD Asset Management Inc now owns 538,314 shares of the company’s stock worth $446,000 after purchasing an additional 137,782 shares during the period. Finally, Chicago Partners Investment Group LLC purchased a new stake in Bitfarms in the second quarter valued at approximately $161,000. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Price Performance

Shares of BITF opened at $2.94 on Monday. The company has a market cap of $1.76 billion, a price-to-earnings ratio of -12.78 and a beta of 3.81. Bitfarms has a twelve month low of $0.67 and a twelve month high of $6.60. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The company has a 50 day moving average of $2.83 and a two-hundred day moving average of $2.49.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results 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 the consensus estimate of $84.66 million. As a group, analysts predict that Bitfarms will post -0.21 earnings per share for the current fiscal 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.