Bitfarms (NASDAQ:BITF) Stock Price Up 11% - Here's Why

Key Points

• Bitfarms Ltd. shares rose by 11% to $2.82, significantly above the previous closing price of $2.54, indicating a strong trading day with over 56 million shares exchanged.
• Several analysts have recently upgraded their ratings for Bitfarms, with a consensus rating of "Buy" and an average price target of $3.95.
• Institutional investors have shown increased interest in Bitfarms, with Vident Advisory increasing its stake by 70% and other firms also raising their holdings, indicating bullish sentiment in the stock.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price rose 11% during trading on Monday . The stock traded as high as $2.83 and last traded at $2.82. Approximately 56,428,463 shares traded hands during trading, an increase of 71% from the average daily volume of 33,088,320 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

BITF has been the subject of several recent analyst reports. Compass Point initiated coverage on Bitfarms in a research report on Monday, September 15th. They set a "buy" rating for the company. Jones Trading initiated coverage on Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 target price for the company. Finally, Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Six analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $3.95.

Bitfarms Stock Performance

The company has a market cap of $1.57 billion, a P/E ratio of -16.59 and a beta of 3.50. The business has a 50 day moving average price of $1.63 and a two-hundred day moving average price of $1.19. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). The company had revenue of $77.80 million during the quarter, compared to analysts' expectations of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. On average, sell-side 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 made changes to their positions in BITF. Vident Advisory LLC increased its stake 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 worth $9,538,000 after buying an additional 4,677,425 shares during the period. Invesco Ltd. increased its holdings in Bitfarms by 40.4% during the 2nd quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock valued at $11,120,000 after purchasing an additional 3,806,810 shares during the period. Continental General Insurance Co. purchased a new position in Bitfarms during the 1st quarter valued at about $2,124,000. Charles Schwab Investment Management Inc. increased its holdings in Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after purchasing an additional 1,306,212 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in 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 purchasing an additional 1,223,201 shares during the period. 20.59% of the stock is 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.

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