Bitfarms (NASDAQ:BITF) Shares Up 10.6% - Time to Buy?

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

Wall Street Analysts Forecast Growth

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

Bitfarms Trading Up 2.5%

The business has a 50-day moving average price of $0.96 and a 200-day moving average price of $1.16. The company has a quick ratio of 2.58, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $575.42 million, a P/E ratio of -5.45 and a beta of 3.45.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). The firm had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. Analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Lifeworks Advisors LLC grew its stake in shares of Bitfarms by 42.4% in the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock valued at $37,000 after purchasing an additional 7,339 shares during the period. Cresset Asset Management LLC boosted its stake in Bitfarms by 54.6% in the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock valued at $41,000 after buying an additional 9,795 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Bitfarms by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock valued at $105,000 after acquiring an additional 13,378 shares during the period. Mackenzie Financial Corp grew its position in Bitfarms by 10.0% in the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company's stock valued at $238,000 after acquiring an additional 14,865 shares during the period. Finally, Insigneo Advisory Services LLC raised its stake in Bitfarms by 15.3% during the fourth quarter. Insigneo Advisory Services LLC now owns 135,600 shares of the company's stock worth $202,000 after acquiring an additional 18,000 shares in the last quarter. Institutional investors and hedge funds own 20.59% of the company's stock.

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.