Bitfarms (NASDAQ:BITF) Shares Up 11.1% - Should You Buy?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price rose 11.1% during trading on Monday . The company traded as high as $1.15 and last traded at $1.16. Approximately 7,371,749 shares changed hands during trading, a decline of 73% from the average daily volume of 27,365,771 shares. The stock had previously closed at $1.04.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Industrial Alliance Securities set a $3.25 price objective on shares of Bitfarms in a research report on Thursday, March 27th. Jones Trading raised Bitfarms to a "strong-buy" rating and set a $2.00 price objective on the stock in a research report on Monday. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $3.95.

Bitfarms Trading Down 3.1%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.58 and a current ratio of 2.64. The company's 50-day moving average is $0.97 and its 200 day moving average is $1.10.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Invesco Ltd. increased its position in Bitfarms by 9.3% during the fourth quarter. Invesco Ltd. now owns 13,355,913 shares of the company's stock valued at $19,900,000 after acquiring an additional 1,140,037 shares during the last quarter. Vident Advisory LLC grew its position in Bitfarms by 10.4% during the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock valued at $5,279,000 after buying an additional 628,603 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Bitfarms by 28.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after buying an additional 1,223,201 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock worth $3,002,000 after acquiring an additional 1,306,212 shares during the period. Finally, Continental General Insurance Co. bought a new stake in shares of Bitfarms during the 1st quarter valued at $2,124,000. 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.