Bitfarms (NASDAQ:BITF) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Bitfarms (NASDAQ:BITF) in a research report released on Thursday, Benzinga reports. Cantor Fitzgerald currently has a $5.00 price target on the stock.

Separately, HC Wainwright reissued a buy rating and set a $4.00 price objective on shares of Bitfarms in a 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. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $3.66.

Bitfarms Price Performance

Shares of BITF stock opened at $2.02 on Thursday. Bitfarms has a twelve month low of $0.92 and a twelve month high of $3.91. The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $2.16 and a two-hundred day simple moving average of $2.24. The stock has a market capitalization of $826.80 million, a price-to-earnings ratio of -5.32 and a beta of 3.63.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The company had revenue of $41.55 million during the quarter, compared to analyst estimates of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. On average, analysts predict that Bitfarms will post -0.29 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Several hedge funds have recently modified their holdings of BITF. Evanson Asset Management LLC grew its position in shares of 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 during the last quarter. WINTON GROUP Ltd acquired a new position in shares of Bitfarms during the second quarter worth $38,000. VitalStone Financial LLC purchased a new stake in shares of Bitfarms during the 1st quarter valued at $37,000. Shell Asset Management Co. acquired a new stake in shares of Bitfarms in the 1st quarter worth $43,000. Finally, CCG Wealth Management LLC purchased a new position in Bitfarms during the 1st quarter worth $50,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

About Bitfarms

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.