Bitfarms (NASDAQ:BITF) Announces Earnings Results, Beats Estimates By $0.07 EPS

Bitfarms (NASDAQ:BITF) announced its quarterly earnings results on Thursday. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.07, Zacks reports. The company had revenue of $54.40 million during 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 Stock Performance

Shares of NASDAQ BITF traded down $0.03 during mid-day trading on Thursday, reaching $0.95. 14,527,195 shares of the company’s stock were exchanged, compared to its average volume of 28,910,024. Bitfarms has a 52 week low of $0.93 and a 52 week high of $3.28. The firm has a 50-day moving average price of $1.30 and a two-hundred day moving average price of $1.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The firm has a market capitalization of $456.85 million, a price-to-earnings ratio of -2.65 and a beta of 3.68.

Analyst Ratings Changes

BITF has been the topic of a number of research reports. HC Wainwright cut their price objective 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 started coverage on Bitfarms in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Alliance Global Partners assumed coverage on Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price on the stock. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.97.

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.