Bitfarms’ (BITF) Market Perform Rating Reaffirmed at Keefe, Bruyette & Woods

Bitfarms (NASDAQ:BITF)‘s stock had its “market perform” rating reiterated by investment analysts at Keefe, Bruyette & Woods in a note issued to investors on Tuesday,Benzinga reports. They presently have a $3.00 price target on the stock, up from their prior price target of $2.50. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 15.83% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, January 21st. Cantor Fitzgerald raised their price objective on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Macquarie reissued an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Finally, Northland Securities set a $7.00 price objective on Bitfarms in a research note on Monday, October 13th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.04.

Bitfarms Stock Down 5.5%

NASDAQ BITF opened at $2.59 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. Bitfarms has a 52 week low of $0.67 and a 52 week high of $6.60. The stock has a market capitalization of $1.55 billion, a P/E ratio of -11.26 and a beta of 3.81. The stock has a fifty day moving average of $2.77 and a 200-day moving average of $2.60.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BITF. Farther Finance Advisors LLC increased its holdings in shares of Bitfarms by 144.7% in the fourth quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock worth $26,000 after acquiring an additional 6,510 shares in the last quarter. US Bancorp DE bought a new stake in Bitfarms during the 3rd quarter worth approximately $34,000. Apollon Wealth Management LLC acquired a new stake in Bitfarms during the 4th quarter worth approximately $35,000. SG Americas Securities LLC acquired a new stake in Bitfarms during the 3rd quarter worth approximately $51,000. Finally, Swiss Life Asset Management Ltd bought a new position in Bitfarms in the third quarter valued at approximately $56,000. 20.59% of the stock is owned by institutional investors and hedge funds.

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.