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

Equities researchers at Northland Securities initiated coverage on shares of Bitfarms (NASDAQ:BITF) in a research report issued on Thursday, Benzinga reports. The firm set an “outperform” rating and a $4.00 price target on the stock. Northland Securities’ target price would indicate a potential upside of 97.04% from the stock’s current price.

A number of other equities analysts have also commented on the company. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Tuesday, March 26th. Cantor Fitzgerald restated an “overweight” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, March 28th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Bitfarms presently has a consensus rating of “Buy” and a consensus target price of $4.20.

Bitfarms Price Performance

Bitfarms stock traded down $0.03 on Thursday, reaching $2.03. The company’s stock had a trading volume of 9,541,435 shares, compared to its average volume of 24,954,590. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market cap of $723.27 million, a price-to-earnings ratio of -5.49 and a beta of 3.62. The business’s fifty day moving average price is $2.45 and its 200 day moving average price is $2.14. Bitfarms has a twelve month low of $0.92 and a twelve month high of $3.91.

Bitfarms (NASDAQ:BITF) last posted 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 company had revenue of $46.24 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned ($0.07) earnings per share. Equities analysts expect that Bitfarms will post -0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. grew its stake in Bitfarms by 7.8% in the fourth quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company’s stock valued at $238,000 after acquiring an additional 5,900 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in Bitfarms by 39.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company’s stock valued at $70,000 after acquiring an additional 6,837 shares during the period. Headlands Technologies LLC grew its stake 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 acquiring an additional 7,429 shares during the period. Capital Performance Advisors LLP acquired a new position in Bitfarms in the fourth quarter valued at about $29,000. Finally, Evanson Asset Management LLC grew its stake in Bitfarms by 58.1% in the first quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock valued at $63,000 after acquiring an additional 10,457 shares during the period. 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.