Bitfarms (NASDAQ:BITF) Hits New 1-Year High - Should You Buy?

Key Points

• Bitfarms Ltd. has reached a new 52-week high, trading at $3.94 and closing at $3.64, with over 11 million shares traded.
• Analysts' ratings for Bitfarms vary, with a majority giving it a "Moderate Buy" rating and an average price target of $3.69.
• Recent institutional investments have significantly increased, notably from Baader Bank which raised its stake by 390.4%, among others.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $3.94 and last traded at $3.64, with a volume of 11014257 shares trading hands. The stock had previously closed at $3.46.

Analyst Ratings Changes

Several research firms have weighed in on BITF. Jones Trading began coverage on Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 target price for the company. Wall Street Zen raised Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bitfarms in a research note on Saturday, September 27th. Finally, Compass Point initiated coverage on shares of Bitfarms in a research note on Monday, September 15th. They issued a "buy" rating on the stock. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $3.69.

Bitfarms Trading Down 0.7%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -20.39 and a beta of 3.73. The business has a fifty day simple moving average of $1.84 and a 200-day simple moving average of $1.27.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $77.80 million for the quarter, compared to the consensus estimate 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, equities analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Several institutional investors have recently modified their holdings of the business. Baader Bank Aktiengesellschaft raised its position in Bitfarms by 390.4% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company's stock worth $121,000 after purchasing an additional 114,245 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Bitfarms by 28.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after buying an additional 1,223,201 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Bitfarms by 52.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock worth $3,002,000 after acquiring an additional 1,306,212 shares during the last quarter. Vident Advisory LLC lifted its stake in shares of Bitfarms by 10.4% in the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock worth $5,279,000 after acquiring an additional 628,603 shares during the period. Finally, Continental General Insurance Co. acquired a new position in shares of Bitfarms in the first quarter worth approximately $2,124,000. Institutional investors own 20.59% of the company's stock.

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.

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