Bitfarms (NASDAQ:BITF) Trading 10.6% Higher - Here's What Happened

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price traded up 10.6% during trading on Wednesday . The company traded as high as $0.93 and last traded at $0.93. 5,980,854 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 27,311,285 shares. The stock had previously closed at $0.84.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a research note on Thursday, March 27th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Bitfarms has a consensus rating of "Buy" and a consensus target price of $4.44.

Bitfarms Stock Up 2.5%

The company has a market capitalization of $575.42 million, a PE ratio of -5.45 and a beta of 3.45. The firm's 50-day simple moving average is $0.96 and its 200 day simple moving average is $1.16. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.58 and a current ratio of 2.64.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. The business had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. As a group, equities research analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently made changes to their positions in the business. Blue Rock Wealth Management LLC acquired a new position in shares of Bitfarms during the 1st quarter valued at about $59,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 valued at $4,316,000 after acquiring an additional 1,223,201 shares during the last quarter. Vident Advisory LLC increased its stake in shares of Bitfarms by 10.4% during the 1st quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock valued at $5,279,000 after acquiring an additional 628,603 shares during the last quarter. Continental General Insurance Co. acquired a new position in shares of Bitfarms during the 1st quarter valued at about $2,124,000. Finally, Swiss National Bank increased its stake in shares of Bitfarms by 27.1% during the 1st quarter. Swiss National Bank now owns 897,000 shares of the company's stock valued at $705,000 after acquiring an additional 191,200 shares during the last quarter. 20.59% of the stock is currently owned by hedge funds and other 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.