Bitfarms (NASDAQ:BITF) Sees Strong Trading Volume - What's Next?

Key Points

• Bitfarms Ltd. experienced a significant increase in trading volume, with approximately 37.1 million shares traded, marking an 18% rise from the previous session.
• Analysts are generally optimistic, with six investment firms issuing a "Buy" rating and an average price target of $3.95 for Bitfarms stock.
• The company reported a loss of ($0.02) per share for the last quarter, missing projections, and has a market capitalization of $1.76 billion.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) saw strong trading volume on Monday . 37,131,683 shares traded hands during trading, an increase of 18% from the previous session's volume of 31,364,381 shares.The stock last traded at $2.92 and had previously closed at $3.12.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Jones Trading assumed coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 price objective for the company. Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Finally, Compass Point began coverage on shares of Bitfarms in a research note on Monday, September 15th. They set a "buy" rating for the company. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $3.95.

Bitfarms Stock Down 9.3%

The stock's fifty day moving average is $1.50 and its 200 day moving average is $1.14. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.55 billion, a P/E ratio of -16.46 and a beta of 3.50.

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

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Bitfarms by 28.6% during the 1st 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 last quarter. Baader Bank Aktiengesellschaft raised its holdings in Bitfarms by 390.4% in 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 in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Bitfarms by 52.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock worth $3,002,000 after purchasing an additional 1,306,212 shares in the last quarter. Vident Advisory LLC raised its holdings in Bitfarms by 10.4% in the 1st quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock worth $5,279,000 after purchasing an additional 628,603 shares in the last quarter. Finally, Continental General Insurance Co. bought a new position in Bitfarms in the 1st quarter worth $2,124,000. 20.59% of the stock is currently owned by 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.