Bitfarms (NASDAQ:BITF) Receives New Coverage from Analysts at Northland Securities

Northland Securities started coverage on shares of Bitfarms (NASDAQ:BITF) in a research report released on Thursday, Benzinga reports. The firm issued an outperform rating and a $4.00 target price on the stock.

A number of other brokerages also recently commented on BITF. HC Wainwright reissued a buy rating and set a $4.00 price objective on shares of Bitfarms in a research report on Tuesday, March 26th. Cantor Fitzgerald reissued an overweight rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, March 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $4.20.

Bitfarms Stock Performance

NASDAQ BITF opened at $1.96 on Thursday. The company has a market cap of $698.33 million, a P/E ratio of -5.30 and a beta of 3.62. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88. The stock has a 50-day moving average of $2.39 and a two-hundred day moving average of $2.15. Bitfarms has a 1-year low of $0.92 and a 1-year high of $3.91.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $46.24 million during the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period in the previous year, the company posted ($0.07) EPS. As a group, analysts anticipate that Bitfarms will post -0.1 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BITF. Invesco Ltd. lifted its stake in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after buying an additional 3,667,681 shares during the last quarter. Quadrature Capital Ltd lifted its stake in Bitfarms by 745.2% in the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after buying an additional 902,708 shares during the last quarter. Shariaportfolio Inc. purchased a new stake in Bitfarms in the fourth quarter valued at approximately $2,051,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Bitfarms by 27.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock valued at $9,127,000 after buying an additional 677,799 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Bitfarms by 16.7% in the fourth quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock valued at $12,163,000 after buying an additional 599,506 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.