Bitfarms (NASDAQ:BITF) Trading 3.5% Higher – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF) shot up 3.5% during trading on Monday . The stock traded as high as $4.55 and last traded at $4.11. 117,234,235 shares traded hands during mid-day trading, an increase of 172% from the average session volume of 43,134,766 shares. The stock had previously closed at $3.97.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BITF. B. Riley reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. Jones Trading began coverage on Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 target price for the company. Northland Securities set a $7.00 target price on Bitfarms in a research note on Monday, October 13th. Finally, Wall Street Zen raised Bitfarms from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Bitfarms currently has a consensus rating of “Moderate Buy” and an average price target of $4.75.

Bitfarms Trading Up 3.5%

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The business has a 50 day moving average of $3.11 and a 200 day moving average of $1.77. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -24.18 and a beta of 3.76.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The company had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. As a group, research analysts predict that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently modified their holdings of BITF. Arkadios Wealth Advisors bought a new stake in Bitfarms during the 1st quarter worth approximately $39,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms in the second quarter valued at approximately $43,000. Theory Financial LLC bought a new stake in shares of Bitfarms during the first quarter worth $48,000. Baker Avenue Asset Management LP acquired a new stake in shares of Bitfarms during the second quarter worth $50,000. Finally, SG Americas Securities LLC bought a new stake in Bitfarms in the 3rd quarter valued at $51,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.