Bitfarms (NASDAQ:BITF) Sees Large Volume Increase - Still a Buy?

Key Points

• Bitfarms Ltd. experienced significant trading volume, with 25,194,472 shares changing hands, marking a 28% decline from the previous session.
• Wall Street analysts have mixed views on Bitfarms, with five giving it a "Buy" rating and one a "Sell" rating, leading to a consensus rating of "Moderate Buy" with an average target price of $3.69.
• The company reported a quarterly loss of ($0.02) per share, falling short of analysts' expectations, while its revenue for the quarter was $77.80 million, below the anticipated $79.78 million.

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) saw an uptick in trading volume on Thursday . 25,194,472 shares traded hands during mid-day trading, a decline of 28% from the previous session's volume of 34,867,480 shares.The stock last traded at $4.15 and had previously closed at $4.00.

Wall Street Analysts Forecast Growth

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

Bitfarms Trading Up 4.3%

The company has a market capitalization of $2.34 billion, a PE ratio of -24.53 and a beta of 3.73. The company's fifty day moving average is $1.94 and its 200-day moving average is $1.30. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. On average, analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cetera Investment Advisers raised its holdings in Bitfarms by 1.4% in the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company's stock valued at $664,000 after acquiring an additional 10,622 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Bitfarms by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock valued at $105,000 after acquiring an additional 13,378 shares during the last quarter. Legal & General Group Plc raised its holdings in Bitfarms by 4.1% in the 2nd quarter. Legal & General Group Plc now owns 370,869 shares of the company's stock valued at $309,000 after acquiring an additional 14,513 shares during the last quarter. TD Asset Management Inc raised its holdings in Bitfarms by 5.0% in the 1st quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock valued at $314,000 after acquiring an additional 19,089 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Bitfarms by 13.0% in the 1st quarter. Mackenzie Financial Corp now owns 184,030 shares of the company's stock valued at $145,000 after acquiring an additional 21,238 shares during the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

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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