Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) saw unusually-high trading volume on Monday . Approximately 43,061,560 shares changed hands during trading, an increase of 54% from the previous session's volume of 27,947,887 shares.The stock last traded at $2.56 and had previously closed at $2.23.
Analysts Set New Price Targets
BITF has been the subject of several research analyst reports. Jones Trading initiated coverage on shares of Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 target price for the company. Wall Street Zen upgraded shares of Bitfarms from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Finally, Compass Point began coverage on shares of Bitfarms in a report on Monday. They issued a "buy" rating for the company. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $3.95.
Get Our Latest Stock Analysis on Bitfarms
Bitfarms Trading Down 2.5%
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 stock's 50-day simple moving average is $1.46 and its 200-day simple moving average is $1.13. The firm has a market capitalization of $1.74 billion, a PE ratio of -18.35 and a beta of 3.50.
Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The business had revenue of $77.80 million during the quarter, compared to analysts' expectations of $79.78 million. As a group, sell-side analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.
Institutional Trading of Bitfarms
A number of institutional investors have recently made changes to their positions in BITF. Invesco Ltd. boosted its holdings in shares of Bitfarms by 40.4% in the second quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock worth $11,120,000 after buying an additional 3,806,810 shares during the last quarter. Vident Advisory LLC boosted its holdings in shares of Bitfarms by 70.0% in the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock worth $9,538,000 after buying an additional 4,677,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 worth $4,316,000 after buying an additional 1,223,201 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock worth $3,002,000 after buying an additional 1,306,212 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Bitfarms by 3.8% in the second quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company's stock worth $2,860,000 after buying an additional 125,156 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company's stock.
Bitfarms Company Profile
(
Get Free Report)
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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