Bitfarms (NASDAQ:BITF) Stock Price Up 10.8% - Here's Why

Key Points

• Bitfarms shares increased by 10.8% during mid-day trading, reaching a high of $4.77, with a notable trading volume of approximately 100 million shares.
• Research analysts have a mixed outlook on Bitfarms, with an average rating of "Moderate Buy" and a price target of $4.35, while some firms have issued sell or hold ratings.
• The company's latest earnings report revealed a loss, with a negative net margin of 35.09% and revenue that fell short of expectations, generating $77.80 million for the quarter.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares rose 10.8% during mid-day trading on Friday . The company traded as high as $4.77 and last traded at $4.61. Approximately 100,061,610 shares were traded during mid-day trading, an increase of 139% from the average daily volume of 41,921,941 shares. The stock had previously closed at $4.16.

Wall Street Analyst Weigh In

BITF has been the topic of a number of research reports. B. Riley reissued a "buy" rating on shares of Bitfarms in a report on Wednesday. Weiss Ratings reissued a "sell (d-)" rating on shares of Bitfarms in a report on Friday. Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Jones Trading initiated coverage on shares of Bitfarms in a report on Monday, July 21st. They set a "buy" rating and a $2.00 price target on the stock. Finally, Macquarie reaffirmed an "outperform" rating on shares of Bitfarms in a report on Monday, October 13th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $4.35.

Bitfarms Price Performance

The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The firm has a market cap of $2.59 billion, a PE ratio of -27.12 and a beta of 3.73. The firm's fifty day simple moving average is $2.75 and its two-hundred day simple moving average is $1.61.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly 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 net margin of 35.09% and a negative return on equity of 9.86%. The firm had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. As a group, research analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

Hedge funds have recently modified their holdings of the stock. Arkadios Wealth Advisors purchased a new position in shares of Bitfarms in the first quarter worth $39,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms in the second quarter worth $43,000. Theory Financial LLC purchased a new position in shares of Bitfarms in the first quarter worth $48,000. Baker Avenue Asset Management LP purchased a new stake in shares of Bitfarms in the second quarter valued at $50,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Bitfarms in the third quarter valued at $51,000. Hedge funds and other institutional investors own 20.59% of the company's stock.

About Bitfarms

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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