Cantor Fitzgerald Initiates Coverage on Bitfarms (NASDAQ:BITF)

Analysts at Cantor Fitzgerald started coverage on shares of Bitfarms (NASDAQ:BITFGet Free Report) in a research report issued to clients and investors on Tuesday, StockNewsAPI reports. The firm set an “overweight” rating and a $5.00 price target on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 117.39% from the stock’s previous close.

A number of other brokerages also recently commented on BITF. HC Wainwright assumed coverage on Bitfarms in a research note on Tuesday, June 4th. They issued a “buy” rating and a $4.00 target price for the company. B. Riley decreased their target price on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, May 17th. Northland Securities assumed coverage on Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price objective for the company. Finally, Stifel Nicolaus downgraded Bitfarms from a “speculative buy” rating to a “hold” rating and cut their target price for the company from $3.25 to $2.30 in a research note on Thursday, May 30th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.88.

Check Out Our Latest Stock Analysis on BITF

Bitfarms Trading Down 4.2 %

Shares of BITF opened at $2.30 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. Bitfarms has a 12 month low of $0.92 and a 12 month high of $3.91. The stock has a market cap of $901.14 million, a PE ratio of -6.05 and a beta of 3.68. The stock’s 50-day moving average is $1.99 and its two-hundred day moving average is $2.35.

Bitfarms (NASDAQ:BITFGet Free Report) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.01. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. The company had revenue of $50.32 million during the quarter, compared to the consensus estimate of $50.51 million. Equities analysts forecast that Bitfarms will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently added to or reduced their stakes in BITF. Capital Performance Advisors LLP bought a new stake in shares of Bitfarms during the 4th quarter worth $29,000. Pasadena Private Wealth LLC acquired a new position in shares of Bitfarms in the 4th quarter valued at $34,000. VitalStone Financial LLC purchased a new position in Bitfarms in the 1st quarter worth about $37,000. Shell Asset Management Co. acquired a new stake in Bitfarms during the 1st quarter worth about $43,000. Finally, Sloy Dahl & Holst LLC purchased a new stake in Bitfarms during the fourth quarter valued at about $44,000. 20.59% of the stock is owned by institutional investors and hedge funds.

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.

See Also

Analyst Recommendations for Bitfarms (NASDAQ:BITF)

Receive News & Ratings for Bitfarms Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bitfarms and related companies with MarketBeat.com's FREE daily email newsletter.