Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price was up 8.3% on Monday . The company traded as high as $1.37 and last traded at $1.37. Approximately 19,216,664 shares were traded during trading, a decline of 25% from the average daily volume of 25,726,367 shares. The stock had previously closed at $1.26.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on the company. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, Jones Trading assumed coverage on shares of Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $3.95.
Get Our Latest Analysis on Bitfarms
Bitfarms Trading Up 8.3%
The business's 50-day simple moving average is $1.05 and its 200-day simple moving average is $1.06. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The company has a market capitalization of $761.06 million, a price-to-earnings ratio of -8.03 and a beta of 3.50.
Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. The business had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. On average, research analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Bitfarms
Several hedge funds have recently modified their holdings of BITF. Vident Advisory LLC raised its position 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 valued at $9,538,000 after purchasing an additional 4,677,425 shares during the period. Bank of America Corp DE grew its position in Bitfarms by 793.6% during the 2nd quarter. Bank of America Corp DE now owns 143,978 shares of the company's stock worth $121,000 after acquiring an additional 127,865 shares during the last quarter. 272 Capital LP acquired a new position in shares of Bitfarms during the second quarter worth $88,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Bitfarms by 38.5% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 783,306 shares of the company's stock valued at $658,000 after purchasing an additional 217,799 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new stake in Bitfarms in the second quarter worth approximately $43,000. Institutional investors own 20.59% of the company's stock.
Bitfarms Company Profile
(
Get Free Report)
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.
Further Reading
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