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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.07, Zacks reports. The business had revenue of $54.40 million during the quarter, compared to analyst estimates of $54.22 million. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%.

Bitfarms Stock Performance

Shares of BITF traded down $0.03 during trading hours on Thursday, reaching $0.95. 14,527,195 shares of the company traded hands, compared to its average volume of 28,910,024. The stock has a market cap of $456.85 million, a P/E ratio of -2.65 and a beta of 3.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. Bitfarms has a 1-year low of $0.93 and a 1-year high of $3.28. The stock’s fifty day moving average is $1.30 and its 200 day moving average is $1.73.

Wall Street Analysts Forecast Growth

BITF has been the subject of several analyst reports. Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating for the company. HC Wainwright cut their price objective on Bitfarms from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Thursday. Finally, Alliance Global Partners initiated coverage on Bitfarms in a research report 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 issued a buy rating to the company’s stock. According to 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.