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

Bitfarms (NASDAQ:BITF - Get Free Report) 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 PerformanceCrypto Miners Strike Gold in AI: Stocks to Watch 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 ChangesBITF 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.Beyond the Halving: The Future of Bitcoin Mining StocksCheck Out Our Latest Research Report on BITFAbout Bitfarms (Get Free Report)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.See AlsoFive stocks we like better than BitfarmsValue Investing: Is it a Good Strategy in 2022? Hint: AlwaysPenny Stock SurgePays Rises 70%: 1 Reason to Buy, 5 to Sell Top Stocks Investing in 5G TechnologyTop 3 Beverage Stocks Pouring Out ProfitsCanadian Penny Stocks: Can They Make You Rich? CarMax and Carvana: Steering the Used Car Market5 crypto penny stocks under $5This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Bitfarms Right Now?Before you consider Bitfarms, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bitfarms wasn't on the list.While Bitfarms currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here