Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price shot up 9.3% during trading on Tuesday . The stock traded as high as $6.20 and last traded at $5.89. 207,634,107 shares traded hands during mid-day trading, an increase of 450% from the average session volume of 37,765,605 shares. The stock had previously closed at $5.39.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on BITF shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday, October 8th. Macquarie reissued an "outperform" rating on shares of Bitfarms in a research note on Monday. Northland Securities set a $7.00 price target on shares of Bitfarms in a research note on Monday. Jones Trading assumed coverage on Bitfarms in a research report on Monday, July 21st. They issued a "buy" rating and a $2.00 target price on the stock. Finally, Wall Street Zen raised Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $4.35.
Read Our Latest Report on Bitfarms
Bitfarms Price Performance
The stock's 50 day simple moving average is $2.14 and its 200-day simple moving average is $1.38. The company has a market capitalization of $3.31 billion, a PE ratio of -34.65 and a beta of 3.73. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03.
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 return on equity of 9.86% and a negative net margin of 35.09%.The business had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. As a group, equities analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Bitfarms
Large investors have recently bought and sold shares of the stock. Arkadios Wealth Advisors purchased a new stake in Bitfarms during the 1st quarter worth about $39,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms during the second quarter worth approximately $43,000. Theory Financial LLC purchased a new stake in shares of Bitfarms during the first quarter worth approximately $48,000. Baker Avenue Asset Management LP purchased a new stake in shares of Bitfarms during the second quarter worth approximately $50,000. Finally, Blue Rock Wealth Management LLC purchased a new stake in shares of Bitfarms in the 1st quarter valued at approximately $59,000. Hedge funds and other 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.
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