Bitfarms (NASDAQ:BITF) Shares Up 5.8% - Should You Buy?

Key Points

• Bitfarms shares surged by 5.8% to a last trade price of $4.17, with trading volume increasing significantly.
• Wall Street analysts maintain a consensus "Moderate Buy" rating for Bitfarms, with a consensus price target of $4.35.
• The company reported a loss of ($0.02) earnings per share for the last quarter, below analyst expectations, and a revenue of $77.80 million.

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shot up 5.8% during trading on Thursday . The stock traded as high as $4.24 and last traded at $4.17. 80,765,702 shares were traded during mid-day trading, an increase of 94% from the average session volume of 41,600,203 shares. The stock had previously closed at $3.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BITF shares. B. Riley reaffirmed a "buy" rating on shares of Bitfarms in a research note on Wednesday. Jones Trading started coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 price target on the stock. Macquarie reaffirmed an "outperform" rating on shares of Bitfarms in a research note on Monday, October 13th. Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Finally, Compass Point started coverage on shares of Bitfarms in a research note on Monday, September 15th. They set a "buy" rating on the stock. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $4.35.

Bitfarms Trading Up 5.6%

The firm has a market cap of $2.34 billion, a PE ratio of -24.47 and a beta of 3.73. 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 company's 50 day moving average price is $2.69 and its two-hundred day moving average price is $1.58.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share 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 firm had revenue of $77.80 million during the quarter, compared to analysts' expectations of $79.78 million. As a group, sell-side analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in BITF. Arkadios Wealth Advisors purchased a new stake in shares of Bitfarms in the first quarter valued at $39,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms in the second quarter valued at $43,000. Theory Financial LLC purchased a new position in Bitfarms in the 1st quarter worth about $48,000. Baker Avenue Asset Management LP purchased a new position in Bitfarms in the 2nd quarter worth about $50,000. Finally, SG Americas Securities LLC purchased a new position in Bitfarms in the 3rd quarter worth about $51,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.