Bitfarms (NASDAQ:BITF) Sets New 12-Month High - Still a Buy?

Key Points

• Bitfarms Ltd. shares reached a new 52-week high of $5.42 during trading, marking a significant increase from a previous close of $4.20.
• The company reported a negative earnings per share (EPS) of ($0.02) for the last quarter, missing analysts' expectations of ($0.01), along with a revenue of $77.80 million.
• Analysts have mixed ratings on Bitfarms, with six analysts rating it as a "Buy" and one as a "Sell," while the company has a consensus target price of $4.35.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $5.42 and last traded at $5.39, with a volume of 154691549 shares trading hands. The stock had previously closed at $4.20.

Analysts Set New Price Targets

A number of brokerages recently commented on BITF. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bitfarms in a research report on Wednesday, October 8th. Macquarie reaffirmed an "outperform" rating on shares of Bitfarms in a research report on Monday. Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Jones Trading began coverage on shares of Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 price objective on the stock. Finally, Compass Point began coverage on shares of Bitfarms in a research report on Monday, September 15th. They set a "buy" rating on the stock. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $4.35.

Bitfarms Price Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of -31.70 and a beta of 3.73. The stock's 50 day simple moving average is $2.14 and its 200-day simple moving average is $1.38.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). The business had revenue of $77.80 million during 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%. On average, analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of BITF. Vident Advisory LLC lifted its stake 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. Invesco Ltd. increased its position in Bitfarms by 40.4% during the second quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock worth $11,120,000 after acquiring an additional 3,806,810 shares during the period. Continental General Insurance Co. bought a new position in Bitfarms during the first quarter worth $2,124,000. Charles Schwab Investment Management Inc. increased its position in Bitfarms by 52.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock worth $3,002,000 after acquiring an additional 1,306,212 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Bitfarms by 28.6% during 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 acquiring an additional 1,223,201 shares during the period. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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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