Bitfarms’ (BITF) Overweight Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Bitfarms (NASDAQ:BITF) in a research note published on Thursday morning, Benzinga reports. The firm currently has a $4.00 target price on the stock.

A number of other analysts also recently weighed in on BITF. B. Riley reaffirmed a buy rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, December 14th. HC Wainwright reaffirmed a buy rating and issued a $4.00 target price on shares of Bitfarms in a report on Tuesday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $4.25.

Bitfarms Stock Performance

Shares of NASDAQ BITF opened at $2.23 on Thursday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $745.16 million, a P/E ratio of -6.03 and a beta of 3.71. Bitfarms has a 12 month low of $0.82 and a 12 month high of $3.91. The stock has a 50 day moving average of $2.61 and a 200-day moving average of $2.01.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same period in the previous year, the business posted ($0.07) earnings per share. As a group, equities research analysts predict that Bitfarms will post -0.17 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Nwam LLC grew its stake in shares of Bitfarms by 5.8% during the fourth quarter. Nwam LLC now owns 71,388 shares of the company’s stock worth $208,000 after buying an additional 3,927 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Bitfarms by 2.6% during the 4th quarter. TD Asset Management Inc now owns 195,306 shares of the company’s stock valued at $570,000 after acquiring an additional 4,948 shares in the last quarter. Vontobel Holding Ltd. grew its position in Bitfarms by 7.8% during the 4th quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company’s stock worth $238,000 after acquiring an additional 5,900 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Bitfarms by 39.4% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company’s stock worth $70,000 after purchasing an additional 6,837 shares in the last quarter. Finally, Headlands Technologies LLC raised its position in Bitfarms by 64.7% in the fourth quarter. Headlands Technologies LLC now owns 18,908 shares of the company’s stock valued at $55,000 after purchasing an additional 7,429 shares during the last quarter. 20.59% of the stock is owned by institutional investors.

Bitfarms Company Profile

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.