Bitfarms (NASDAQ:BITF) Shares Up 12.4% on Strong Earnings

Bitfarms Ltd. (NASDAQ:BITF) shot up 12.4% on Thursday following a stronger than expected earnings report. The company traded as high as $2.13 and last traded at $2.12. 10,555,201 shares were traded during trading, a decline of 55% from the average session volume of 23,645,449 shares. The stock had previously closed at $1.89.

The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. The firm had revenue of $41.55 million during the quarter, compared to analyst estimates of $44.59 million.

Analyst Upgrades and Downgrades

BITF has been the subject of a number of recent research reports. B. Riley reduced their price target on Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, May 17th. Cantor Fitzgerald started coverage on shares of Bitfarms in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 target price for the company. Northland Securities started coverage on shares of Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target on the stock. Stifel Nicolaus downgraded shares of Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their price objective for the stock from $3.25 to $2.30 in a research note on Thursday, May 30th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research report on Thursday, July 18th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.66.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new position in Bitfarms during the fourth quarter worth approximately $29,000. WINTON GROUP Ltd bought a new stake in Bitfarms in the 2nd quarter valued at $38,000. Sloy Dahl & Holst LLC acquired a new stake in Bitfarms during the 4th quarter valued at $44,000. VitalStone Financial LLC bought a new position in Bitfarms during the first quarter worth $37,000. Finally, Headlands Technologies LLC increased its holdings in shares of Bitfarms by 64.7% in the fourth quarter. Headlands Technologies LLC now owns 18,908 shares of the company’s stock valued at $55,000 after purchasing an additional 7,429 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

Bitfarms Price Performance

The company’s 50-day moving average price is $2.59 and its two-hundred day moving average price is $2.40. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. The company has a market capitalization of $929.13 million, a P/E ratio of -5.97 and a beta of 3.68.

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.