Bitfarms (NASDAQ:BITF) Stock Price Up 3.4% – What’s Next?

Shares of Bitfarms Ltd. (NASDAQ:BITF) were up 3.4% on Monday . The company traded as high as $2.63 and last traded at $2.5650. Approximately 7,801,882 shares traded hands during trading, a decline of 83% from the average daily volume of 45,453,332 shares. The stock had previously closed at $2.48.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BITF. Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Macquarie reiterated an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. HC Wainwright reissued a “buy” rating and issued a $4.00 target price (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Compass Point assumed coverage on Bitfarms in a research note on Monday, September 15th. They set a “buy” rating on the stock. Finally, Cantor Fitzgerald increased their price objective on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Bitfarms has an average rating of “Moderate Buy” and an average target price of $4.25.

Bitfarms Price Performance

The stock has a fifty day moving average of $3.23 and a two-hundred day moving average of $2.32. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of -10.89 and a beta of 3.78. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). The company had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. On average, equities research analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. US Bancorp DE purchased a new position in shares of Bitfarms during the 3rd quarter worth about $34,000. WINTON GROUP Ltd acquired a new position in Bitfarms during the second quarter worth approximately $43,000. Baker Avenue Asset Management LP acquired a new position in Bitfarms during the second quarter worth approximately $50,000. SG Americas Securities LLC purchased a new position in Bitfarms during the third quarter worth approximately $51,000. Finally, Swiss Life Asset Management Ltd acquired a new position in shares of Bitfarms in the 3rd quarter valued at $56,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.