Bitfarms (NASDAQ:BITF) Shares Up 28.3% - Here's What Happened

Key Points

• Bitfarms Ltd. experienced a significant share price increase of 28.3%, reaching $5.39 during mid-day trading, with trading volume up 307% compared to its average.
• Recent analyst upgrades include Wall Street Zen moving Bitfarms from a "sell" to a "hold" rating, while Northland Securities set a target price of $7.00.
• The company's latest earnings report showed a negative EPS of ($0.02) for the quarter, missing analyst estimates, with revenue at $77.80 million against an expectation of $79.78 million.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price shot up 28.3% during mid-day trading on Monday . The company traded as high as $5.42 and last traded at $5.39. 150,011,046 shares were traded during mid-day trading, an increase of 307% from the average session volume of 36,840,406 shares. The stock had previously closed at $4.20.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BITF. Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Northland Securities set a $7.00 target price on shares of Bitfarms in a research report on Monday. Compass Point started coverage on Bitfarms in a research note on Monday, September 15th. They issued a "buy" rating for the company. Jones Trading started coverage on Bitfarms in a research note on Monday, July 21st. They issued a "buy" rating and a $2.00 price target for the company. Finally, Weiss Ratings reaffirmed 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $4.35.

Bitfarms Stock Performance

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 stock has a market cap of $3.03 billion, a price-to-earnings ratio of -31.70 and a beta of 3.73. The company has a 50 day simple moving average of $2.06 and a 200 day simple moving average of $1.35.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. As a group, equities research analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Trading of Bitfarms

Several institutional investors have recently added to or reduced their stakes in BITF. Vident Advisory LLC boosted its holdings in Bitfarms by 70.0% in the second 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 during the last quarter. Invesco Ltd. boosted its holdings in shares of Bitfarms by 40.4% during the 2nd 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 in the last quarter. Continental General Insurance Co. bought a new position in shares of Bitfarms during the 1st quarter worth approximately $2,124,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bitfarms by 52.2% during the 1st 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 in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Bitfarms by 28.6% during the 1st 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 in the last quarter. 20.59% of the stock is currently owned by institutional investors.

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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