Bitfarms (NASDAQ:BITF – Get Free Report) announced its quarterly earnings data on Thursday. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.07, Zacks reports. The business had revenue of $54.40 million for the quarter, compared to analyst estimates of $54.22 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%.
Bitfarms Trading Down 11.6 %
Bitfarms stock opened at $0.84 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The stock has a 50-day simple moving average of $1.27 and a 200 day simple moving average of $1.72. The stock has a market capitalization of $403.93 million, a P/E ratio of -2.34 and a beta of 3.68. Bitfarms has a 52 week low of $0.82 and a 52 week high of $3.28.
Analysts Set New Price Targets
Several equities research analysts have commented on BITF shares. HC Wainwright cut their price target on shares of Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Thursday. Keefe, Bruyette & Woods began coverage on Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Alliance Global Partners restated a “buy” rating on shares of Bitfarms in a research note on Thursday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $3.97.
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.
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