Bitfarms (NASDAQ:BITF) Sees Strong Trading Volume - Here's What Happened

Key Points

• Bitfarms Ltd. experienced a significant rise in trading volume, with 32,673,820 shares traded, marking a 27% increase compared to the previous session, while the stock price rose to $1.40 from $1.28.
• Several analysts have issued "buy" ratings for Bitfarms, with a consensus target price of $3.95, indicating potential upside for investors.
• The company reported a loss of ($0.02) earnings per share for the most recent quarter, missing estimates, and recorded a revenue of $77.80 million, below analyst expectations of $79.78 million.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares saw strong trading volume on Tuesday . 32,673,820 shares changed hands during mid-day trading, an increase of 27% from the previous session's volume of 25,749,000 shares.The stock last traded at $1.40 and had previously closed at $1.28.

Wall Street Analysts Forecast Growth

Separately, Jones Trading began coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 price objective on the stock. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $3.95.

Bitfarms Stock Up 9.3%

The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -13.12 and a beta of 3.50. The stock's 50 day moving average is $1.27 and its 200 day moving average is $1.07.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. Analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vident Advisory LLC grew its holdings in shares of Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock valued at $9,538,000 after acquiring an additional 4,677,425 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Bitfarms by 793.6% during the 2nd quarter. Bank of America Corp DE now owns 143,978 shares of the company's stock valued at $121,000 after acquiring an additional 127,865 shares in the last quarter. 272 Capital LP purchased a new position in shares of Bitfarms during the 2nd quarter valued at $88,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Bitfarms by 38.5% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 783,306 shares of the company's stock valued at $658,000 after acquiring an additional 217,799 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in shares of Bitfarms during the 2nd quarter valued at $43,000. Institutional investors and hedge funds 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.