Bitfarms (NASDAQ:BITF – Get Free Report)‘s stock had its “overweight” rating reiterated by stock analysts at Cantor Fitzgerald in a report released on Thursday, Benzinga reports. They presently have a $5.00 price target on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 147.52% from the stock’s previous close.
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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3.66.
View Our Latest Stock Analysis on Bitfarms
Bitfarms Trading Up 2.5 %
Bitfarms (NASDAQ:BITF – Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $41.55 million during the quarter, compared to analysts’ expectations of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. Research analysts expect that Bitfarms will post -0.29 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Bitfarms
A number of hedge funds have recently added to or reduced their stakes in BITF. Shariaportfolio Inc. bought a new stake in Bitfarms during the 4th quarter worth about $2,051,000. Vima LLC bought a new position in shares of Bitfarms in the 4th quarter valued at about $91,000. Evanson Asset Management LLC boosted its stake 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 valued at $63,000 after purchasing an additional 10,457 shares during the last quarter. CCG Wealth Management LLC bought a new position in shares of Bitfarms in the 1st quarter valued at about $50,000. Finally, VitalStone Financial LLC bought a new position in shares of Bitfarms in the 1st quarter valued at about $37,000. Institutional investors own 20.59% of the company’s stock.
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.
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