Bitfarms (NASDAQ:BITF) Stock Price Up 5.1%

Bitfarms Ltd. (NASDAQ:BITF)’s stock price traded up 5.1% during trading on Wednesday . The company traded as high as $3.14 and last traded at $3.12. 4,713,634 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 23,738,408 shares. The stock had previously closed at $2.97.

Wall Street Analyst Weigh In

Several brokerages recently commented on BITF. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Tuesday, July 9th. Stifel Nicolaus downgraded Bitfarms from a “speculative buy” rating to a “hold” rating and cut their price target for the company from $3.25 to $2.30 in a research note on Thursday, May 30th. Cantor Fitzgerald assumed coverage on shares of Bitfarms in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price objective on the stock. Northland Securities initiated coverage on shares of Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 target price for the company. Finally, B. Riley decreased their price target on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, May 17th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $3.88.

Bitfarms Stock Down 2.0 %

The company has a market capitalization of $1.19 billion, a PE ratio of -8.21 and a beta of 3.68. The company’s fifty day moving average is $2.39 and its 200-day moving average is $2.41. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.02 and a current ratio of 3.02.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The business had revenue of $50.32 million during the quarter, compared to analyst estimates of $50.51 million. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. As a group, analysts predict that Bitfarms Ltd. will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new stake in Bitfarms during the 4th quarter valued at approximately $29,000. Pasadena Private Wealth LLC bought a new stake in shares of Bitfarms during the fourth quarter valued at approximately $34,000. VitalStone Financial LLC purchased a new position in shares of Bitfarms in the first quarter worth $37,000. Shell Asset Management Co. purchased a new position in shares of Bitfarms in the first quarter worth $43,000. Finally, Sloy Dahl & Holst LLC bought a new position in shares of Bitfarms during the fourth quarter worth $44,000. 20.59% of the stock is currently owned by hedge funds and other 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.