Bitfarms (NASDAQ:BITF) Shares Up 15.3% - What's Next?

Key Points

• Bitfarms Ltd. experienced a significant stock increase of 15.3%, reaching a last traded price of $4.00, with a trading volume that surpassed its average by 226%.
• Several analysts have provided ratings for Bitfarms, with a consensus of a Moderate Buy and a price target of $3.69 from multiple firms, despite some ratings being downgraded.
• Bitfarms reported a net loss of ($0.02) per share for the most recent quarter, falling short of expectations, with revenues of $77.80 million, compared to estimates of $79.78 million.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares traded up 15.3% during trading on Wednesday . The stock traded as high as $4.04 and last traded at $4.00. 113,684,473 shares were traded during mid-day trading, an increase of 226% from the average session volume of 34,881,055 shares. The stock had previously closed at $3.47.

Analyst Upgrades and Downgrades

BITF has been the subject of several recent research reports. Compass Point initiated coverage on shares of Bitfarms in a research report on Monday, September 15th. They set a "buy" rating for the company. Jones Trading assumed coverage on shares of Bitfarms in a research report 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 report on Saturday, September 13th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Bitfarms in a report on Wednesday. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $3.69.

Bitfarms Stock Up 15.3%

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 company's 50-day simple moving average is $1.88 and its 200 day simple moving average is $1.28. The firm has a market cap of $2.25 billion, a P/E ratio of -23.53 and a beta of 3.73.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate 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 business had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. Research analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently made changes to their positions in BITF. Arkadios Wealth Advisors bought a new stake in shares of Bitfarms during the first quarter worth $39,000. WINTON GROUP Ltd bought a new position in shares of Bitfarms in the 2nd quarter worth $43,000. Baker Avenue Asset Management LP bought a new position in shares of Bitfarms during the 2nd quarter worth approximately $50,000. Theory Financial LLC acquired a new position in shares of Bitfarms during the first quarter worth $48,000. Finally, Blue Rock Wealth Management LLC acquired a new position in shares of Bitfarms during the first quarter valued at about $59,000. Institutional investors own 20.59% of the company's stock.

About Bitfarms

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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