Bitfarms (NASDAQ:BITF) Trading 7.1% Higher

Bitfarms Ltd. (NASDAQ:BITF) rose 7.1% on Monday . The stock traded as high as $1.96 and last traded at $1.95. Approximately 5,232,600 shares were traded during trading, a decline of 78% from the average daily volume of 23,891,049 shares. The stock had previously closed at $1.82.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BITF shares. Northland Securities started coverage on Bitfarms in a research note on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Tuesday, March 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, March 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $4.20.

Bitfarms Stock Down 1.6 %

The firm has a market cap of $641.32 million, a price-to-earnings ratio of -4.81 and a beta of 3.65. The firm’s fifty day moving average is $2.18 and its two-hundred day moving average is $2.20. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The firm had revenue of $46.24 million for the quarter, compared to analysts’ expectations of $39.68 million. During the same period in the previous year, the business earned ($0.07) earnings per share. On average, sell-side analysts expect that Bitfarms Ltd. will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently bought and sold shares of BITF. Cambridge Investment Research Advisors Inc. acquired a new stake in Bitfarms during the 3rd quarter worth about $188,000. Van ECK Associates Corp raised its holdings in Bitfarms by 18.6% during the 3rd quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company’s stock worth $3,831,000 after buying an additional 561,342 shares during the period. Invesco Ltd. raised its holdings in Bitfarms by 58.2% during the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after buying an additional 3,667,681 shares during the period. Quadrature Capital Ltd increased its holdings in shares of Bitfarms by 745.2% in the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after purchasing an additional 902,708 shares during the period. Finally, Insigneo Advisory Services LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at about $90,000. 20.59% of the stock is currently owned by institutional investors.

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.