Bitfarms Ltd. (NASDAQ:BITF) Receives $4.04 Average Target Price from Analysts

Shares of Bitfarms Ltd. (NASDAQ:BITF) have earned a consensus recommendation of “Moderate Buy” from the nine analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and seven have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $4.0417.

BITF has been the topic of several analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $3.00 price target (up previously from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. Macquarie Infrastructure reissued an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target (down previously from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Wall Street Zen cut Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, January 21st.

Bitfarms Trading Up 25.5%

Shares of BITF stock opened at $2.14 on Friday. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. Bitfarms has a twelve month low of $0.67 and a twelve month high of $6.60. The company’s 50-day moving average price is $2.67 and its 200-day moving average price is $2.67. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -9.30 and a beta of 3.81.

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

Hedge Funds Weigh In On Bitfarms

Several large investors have recently made changes to their positions in the stock. Invesco Ltd. increased its holdings in Bitfarms by 8.6% in the 3rd quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock valued at $40,533,000 after purchasing an additional 1,138,549 shares during the last quarter. Vident Advisory LLC boosted its position in shares of Bitfarms by 70.0% during the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after buying an additional 4,677,425 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Bitfarms by 36.8% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,060,389 shares of the company’s stock valued at $19,941,000 after buying an additional 1,898,490 shares in the last quarter. Thames Capital Management LLC acquired a new stake in shares of Bitfarms in the third quarter valued at $19,834,000. Finally, Aurelius Capital Management LP purchased a new stake in shares of Bitfarms in the 3rd quarter valued at $18,999,000. 20.59% of the stock is currently 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.