Bitfarms (NASDAQ:BITF) Stock Price Up 15% - Still a Buy?

Key Points

• Bitfarms Ltd. stock price increased by 15% during trading, reaching a high of $3.51, with 95 million shares traded, significantly above its average volume.
• Analysts have given Bitfarms a consensus rating of "Moderate Buy", with five analysts recommending a buy and one recommending a sell, setting an average price target of $3.69.
• Bitfarms reported negative earnings with a loss of ($0.02) per share for the last quarter, missing estimates, and is projected to post a -0.21 EPS for the current fiscal year.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price rose 15% during trading on Monday . The stock traded as high as $3.51 and last traded at $3.46. Approximately 95,197,204 shares traded hands during mid-day trading, an increase of 180% from the average daily volume of 33,947,492 shares. The stock had previously closed at $3.01.

Analysts Set New Price Targets

BITF has been the topic of a number of recent analyst reports. Compass Point assumed coverage on shares of Bitfarms in a research report on Monday, September 15th. They set a "buy" rating on the stock. Jones Trading initiated coverage on shares of Bitfarms in a research report on Monday, July 21st. They issued a "buy" rating and a $2.00 price objective for the company. Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Bitfarms in a research note on Saturday, September 27th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $3.69.

Bitfarms Trading Up 15.0%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The firm has a fifty day moving average price of $1.84 and a 200 day moving average price of $1.27. The company has a market cap of $1.95 billion, a price-to-earnings ratio of -20.35 and a beta of 3.73.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. As a group, equities analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Institutional investors and hedge funds have recently bought and sold shares of the business. Arkadios Wealth Advisors bought a new position in shares of Bitfarms during the 1st quarter worth approximately $39,000. WINTON GROUP Ltd bought a new position in Bitfarms during the second quarter worth $43,000. Baker Avenue Asset Management LP acquired a new position in shares of Bitfarms in the second quarter valued at $50,000. Theory Financial LLC bought a new position in shares of Bitfarms in the first quarter valued at about $48,000. Finally, Blue Rock Wealth Management LLC bought a new position in shares of Bitfarms in the first quarter valued at about $59,000. 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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