Bitfarms (NASDAQ:BITF) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Bitfarms (NASDAQ:BITF) posted its quarterly earnings results on Thursday. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.07, Zacks reports. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. The business had revenue of $54.40 million for the quarter, compared to the consensus estimate of $54.22 million.

Bitfarms Stock Performance

BITF stock traded down $0.03 during midday trading on Thursday, hitting $0.95. The company’s stock had a trading volume of 14,526,834 shares, compared to its average volume of 28,909,885. The stock has a market cap of $456.85 million, a price-to-earnings ratio of -2.65 and a beta of 3.68. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The stock’s 50-day moving average price is $1.30 and its 200 day moving average price is $1.73. Bitfarms has a 1 year low of $0.93 and a 1 year high of $3.28.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BITF shares. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating for the company. HC Wainwright lowered their price objective on shares of Bitfarms from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Thursday. Finally, Alliance Global Partners began coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Bitfarms presently has an average rating of “Moderate Buy” and an average 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.