Bitfarms (NASDAQ:BITF) Given “Overweight” Rating at Cantor Fitzgerald

by · The Cerbat Gem

Cantor Fitzgerald reaffirmed their overweight rating on shares of Bitfarms (NASDAQ:BITF – Free Report) in a research note released on Thursday morning, Benzinga reports. They currently have a $5.00 target price on the stock.

Separately, HC Wainwright reaffirmed a buy rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $3.66.

View Our Latest Research Report on BITF

Bitfarms Stock Performance

Shares of BITF opened at $2.02 on Thursday. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average price is $2.16 and its 200-day moving average price is $2.24. Bitfarms has a 52 week low of $0.92 and a 52 week high of $3.91. The stock has a market cap of $826.80 million, a P/E ratio of -5.32 and a beta of 3.63.

Bitfarms (NASDAQ:BITF – Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The firm had revenue of $41.55 million for the quarter, compared to analysts’ expectations of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. Equities research analysts anticipate that Bitfarms will post -0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the stock. WINTON GROUP Ltd purchased a new stake in Bitfarms in the 2nd quarter worth $38,000. VitalStone Financial LLC purchased a new stake in Bitfarms in the 1st quarter worth $37,000. Shell Asset Management Co. purchased a new stake in Bitfarms in the 1st quarter worth $43,000. CCG Wealth Management LLC purchased a new stake in Bitfarms in the 1st quarter worth $50,000. Finally, Evanson Asset Management LLC increased its stake in Bitfarms by 58.1% in the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after buying an additional 10,457 shares in the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

About Bitfarms

(Get Free Report)

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.

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