Bitfarms (NASDAQ:BITF) Trading 8.1% Higher – Here’s Why

Bitfarms Ltd. (NASDAQ:BITF)’s stock price traded up 8.1% during trading on Thursday . The stock traded as high as $2.92 and last traded at $3.0150. 10,605,526 shares were traded during mid-day trading, a decline of 70% from the average session volume of 35,890,785 shares. The stock had previously closed at $2.79.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BITF. Wall Street Zen downgraded Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Compass Point started coverage on Bitfarms in a research report on Monday, September 15th. They set a “buy” rating for the company. HC Wainwright reissued a “buy” rating and issued a $4.00 price target (down previously from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Bitfarms presently has a consensus rating of “Moderate Buy” and an average price target of $4.25.

Bitfarms Stock Performance

The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -12.80 and a beta of 3.81. The company’s 50-day simple moving average is $2.94 and its 200-day simple moving average is $2.41. 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 released its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, hitting the consensus estimate of ($0.02). The business had revenue of $69.25 million during the quarter, compared to analyst estimates of $84.66 million. Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%. Analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Institutional investors and hedge funds have recently bought and sold shares of the stock. US Bancorp DE purchased a new stake in Bitfarms during the third quarter valued at about $34,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms during the second quarter valued at approximately $43,000. Baker Avenue Asset Management LP purchased a new stake in shares of Bitfarms in the 2nd quarter valued at approximately $50,000. SG Americas Securities LLC acquired a new position in Bitfarms in the 3rd quarter worth approximately $51,000. Finally, Swiss Life Asset Management Ltd acquired a new position in Bitfarms in the 3rd quarter worth approximately $56,000. Institutional investors and hedge funds 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.