Bitfarms (NASDAQ:BITF) Announces Earnings Results, Meets Estimates

Bitfarms (NASDAQ:BITF) released its quarterly earnings data on Thursday. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02), Zacks reports. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.

Bitfarms Trading Down 16.7%

Shares of BITF traded down $0.53 during midday trading on Thursday, hitting $2.64. The stock had a trading volume of 90,119,181 shares, compared to its average volume of 44,105,859. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The firm has a market cap of $1.49 billion, a PE ratio of -15.44 and a beta of 3.77. Bitfarms has a 1 year low of $0.67 and a 1 year high of $6.60. The stock’s 50 day moving average is $3.49 and its 200 day moving average is $1.92.

Institutional Investors Weigh In On Bitfarms

Several large investors have recently added to or reduced their stakes in the stock. US Bancorp DE bought a new stake in shares of Bitfarms during the third quarter valued at approximately $34,000. WINTON GROUP Ltd bought a new position in shares of Bitfarms during the 2nd quarter worth $43,000. CreativeOne Wealth LLC purchased a new position in shares of Bitfarms during the third quarter valued at $199,000. Creative Planning lifted its stake in Bitfarms by 54.0% in the second quarter. Creative Planning now owns 85,580 shares of the company’s stock worth $72,000 after acquiring an additional 30,000 shares during the period. Finally, Bank of America Corp DE grew its holdings in Bitfarms by 793.6% during the 2nd quarter. Bank of America Corp DE now owns 143,978 shares of the company’s stock worth $121,000 after acquiring an additional 127,865 shares in the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wall Street Zen upgraded Bitfarms from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. B. Riley reissued a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Northland Securities set a $7.00 target price on shares of Bitfarms in a research report on Monday, October 13th. Jones Trading initiated coverage on shares of Bitfarms in a research report on Monday, July 21st. They set a “buy” rating and a $2.00 price objective for the company. Finally, Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.75.

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.