Bitfarms (NASDAQ:BITF) Trading Up 11.1% - Here's What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) were up 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 were traded during trading, a decline of 73% from the average daily volume of 27,365,771 shares. The stock had previously closed at $1.04.

Wall Street Analyst Weigh In

BITF has been the subject of a number of analyst reports. Jones Trading raised shares of Bitfarms to a "strong-buy" rating and set a $2.00 target price for the company in a research report on Monday. Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a report on Thursday, March 27th. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $3.95.

Bitfarms Price Performance

The company's 50-day moving average is $0.96 and its two-hundred day moving average is $1.11. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.58. The firm has a market cap of $716.45 million, a P/E ratio of -6.76 and a beta of 3.45.

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

Institutional Investors Weigh In On Bitfarms

Institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio raised its stake in Bitfarms by 41.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 177,532 shares of the company's stock valued at $147,000 after purchasing an additional 52,044 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in Bitfarms during the 2nd quarter worth $211,000. Baader Bank Aktiengesellschaft grew its stake in Bitfarms by 390.4% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company's stock worth $121,000 after buying an additional 114,245 shares during the last quarter. Blue Rock Wealth Management LLC purchased a new stake in Bitfarms during the 1st quarter valued at about $59,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Bitfarms by 28.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock worth $4,316,000 after buying an additional 1,223,201 shares during the period. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.