Bitfarms (NASDAQ:BITF) Lowered to “Hold” Rating by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods lowered shares of Bitfarms (NASDAQ:BITF) from a moderate buy rating to a hold rating in a report issued on Monday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on BITF. Northland Securities set a $7.00 price objective on Bitfarms in a report on Monday, October 13th. HC Wainwright restated a “buy” rating and issued a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, January 21st. B. Riley reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Finally, Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $4.04.

Bitfarms Price Performance

Shares of BITF stock traded up $0.01 during trading hours on Monday, hitting $2.61. 13,578,580 shares of the company’s stock were exchanged, compared to its average volume of 40,579,746. Bitfarms has a fifty-two week low of $0.67 and a fifty-two week high of $6.60. The firm has a market cap of $1.56 billion, a P/E ratio of -11.37 and a beta of 3.81. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $2.77 and a two-hundred day moving average of $2.61.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02). The company had revenue of $69.25 million during the quarter, compared to analyst estimates of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. Sell-side analysts forecast that Bitfarms will post -0.21 EPS for the current year.

Institutional Trading of Bitfarms

Institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new position in Bitfarms in the second quarter worth approximately $211,000. Public Employees Retirement System of Ohio increased its position in shares of Bitfarms by 41.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 177,532 shares of the company’s stock worth $147,000 after purchasing an additional 52,044 shares during the last quarter. TD Asset Management Inc raised its holdings in Bitfarms by 34.4% in the 2nd quarter. TD Asset Management Inc now owns 538,314 shares of the company’s stock valued at $446,000 after buying an additional 137,782 shares during the period. Chicago Partners Investment Group LLC purchased a new position in Bitfarms during the second quarter worth about $161,000. Finally, Harvest Portfolios Group Inc. increased its position in shares of Bitfarms by 40.6% during the second quarter. Harvest Portfolios Group Inc. now owns 146,203 shares of the company’s stock valued at $121,000 after acquiring an additional 42,240 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.