Bitfarms (NASDAQ:BITF) Trading Up 7.1%

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

Wall Street Analysts Forecast Growth

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

Bitfarms Trading Up 5.5 %

The stock has a market cap of $684.08 million, a PE ratio of -5.19 and a beta of 3.65. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $2.24 and a two-hundred day simple moving average of $2.19.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share 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 company had revenue of $46.24 million for the quarter, compared to analysts’ expectations of $39.68 million. During the same period in the prior year, the business earned ($0.07) earnings per share. As a group, equities analysts expect that Bitfarms Ltd. will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently made changes to their positions in BITF. Invesco Ltd. grew its position in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after acquiring an additional 3,667,681 shares in the last quarter. Quadrature Capital Ltd raised its position in Bitfarms by 745.2% during the third 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 in the last quarter. Shariaportfolio Inc. bought a new stake in Bitfarms during the fourth quarter worth about $2,051,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Bitfarms by 27.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after purchasing an additional 677,799 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Bitfarms by 16.7% during the 4th quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock valued at $12,163,000 after purchasing an additional 599,506 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.