Bitfarms (NASDAQ:BITF) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Bitfarms experienced a significant increase in trading volume, with 83 million shares exchanged on a given day, representing a **110%** surge from the previous session.
• The stock has received mixed reviews from analysts, with the consensus rating being a **"Moderate Buy"** and a price target averaging **$4.35**.
• Currently, Bitfarms has a **market capitalization** of **$2.78 billion** and reported a quarterly loss, missing analysts' EPS estimates by **$0.01**.

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) saw strong trading volume on Friday . 83,003,348 shares were traded during mid-day trading, an increase of 110% from the previous session's volume of 39,498,141 shares.The stock last traded at $4.75 and had previously closed at $5.28.

Analysts Set New Price Targets

BITF has been the subject of a number of research reports. Macquarie reiterated an "outperform" rating on shares of Bitfarms in a report on Monday. Jones Trading assumed coverage on Bitfarms in a research note on Monday, July 21st. They issued a "buy" rating and a $2.00 price target on the stock. Compass Point began coverage on Bitfarms in a report on Monday, September 15th. They set a "buy" rating on the stock. Northland Securities set a $7.00 price target on Bitfarms in a research report on Monday. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $4.35.

Bitfarms Stock Down 6.4%

The stock has a market capitalization of $2.78 billion, a PE ratio of -29.21 and a beta of 3.73. The company's fifty day moving average price is $2.42 and its 200-day moving average price is $1.48. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its 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). The company had revenue of $77.80 million during 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%. Analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of BITF. Cetera Investment Advisers boosted its stake in Bitfarms by 1.4% during the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company's stock worth $664,000 after purchasing an additional 10,622 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Bitfarms by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock valued at $105,000 after purchasing an additional 13,378 shares during the period. Legal & General Group Plc increased its holdings in Bitfarms by 4.1% during 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 in the last quarter. TD Asset Management Inc increased its holdings in Bitfarms by 5.0% during 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 in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Bitfarms by 13.0% during the first quarter. Mackenzie Financial Corp now owns 184,030 shares of the company's stock worth $145,000 after buying an additional 21,238 shares in the last quarter. Hedge funds and other 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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