Bitfarms (NASDAQ:BITF) Stock Price Up 8.3% - Here's What Happened

Key Points

• Bitfarms Ltd. saw its stock price increase by 8.3%, closing at $1.37, with a significant trading volume of approximately 19.2 million shares.
• The company maintains a consensus "Buy" rating from analysts, with five firms rating it as a buy and an average price target of $3.95.
• In its latest quarterly earnings report, Bitfarms reported a revenue of $77.80 million, which fell short of analysts' expectations, alongside a negative net margin of 35.09%.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shot up 8.3% during mid-day trading on Monday . The company traded as high as $1.37 and last traded at $1.37. 19,216,664 shares were traded during mid-day trading, a decline of 25% from the average session volume of 25,726,367 shares. The stock had previously closed at $1.26.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BITF. Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Jones Trading initiated coverage on Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 price target on the stock. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $3.95.

Bitfarms Stock Up 3.3%

The business has a 50 day moving average of $1.09 and a two-hundred day moving average of $1.06. The stock has a market capitalization of $706.31 million, a PE ratio of -7.47 and a beta of 3.50. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11.

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

Hedge Funds Weigh In On Bitfarms

A number of large investors have recently made changes to their positions in BITF. Invesco Ltd. boosted its position in shares of Bitfarms by 40.4% in the 2nd quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock worth $11,120,000 after purchasing an additional 3,806,810 shares in the last quarter. Vident Advisory LLC raised its stake 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 buying an additional 4,677,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 acquiring an additional 1,223,201 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of 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 last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Bitfarms by 3.8% during the second quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company's stock valued at $2,860,000 after acquiring an additional 125,156 shares in the last quarter. 20.59% of the stock is 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.