Bitfarms (NASDAQ:BITF) Stock Price Up 3.5% - Here's Why

Key Points

• Shares rose 3.5% to about $2.67 on Monday (high $2.72) with volume up 33% to 59.1 million shares versus its average session volume.
• Analysts boosted targets: Cantor Fitzgerald raised its target to $5 with an overweight rating and the consensus price target is $4.54, based on eight Buy and one Sell ratings.
• Fundamentals show weakness: Bitfarms reported (‑$0.02) EPS and missed revenue ($69.25M vs. $84.66M expected), with a negative net margin of ~48% despite a $1.5B market cap.

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shot up 3.5% during trading on Monday . The company traded as high as $2.72 and last traded at $2.67. 59,116,683 shares were traded during trading, an increase of 33% from the average session volume of 44,471,586 shares. The stock had previously closed at $2.58.

Analysts Set New Price Targets

BITF has been the topic of several recent research reports. Cantor Fitzgerald increased their price target on shares of Bitfarms from $2.20 to $5.00 and gave the stock an "overweight" rating in a research report on Friday. B. Riley restated a "buy" rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Northland Securities set a $7.00 target price on Bitfarms in a report on Monday, October 13th. 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 on the stock. Finally, Compass Point initiated coverage on Bitfarms in a report on Monday, September 15th. They set a "buy" rating for the company. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Bitfarms has an average rating of "Moderate Buy" and a consensus price target of $4.54.

Bitfarms Stock Performance

The company has a market cap of $1.50 billion, a PE ratio of -11.61 and a beta of 3.76. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The business's 50 day moving average is $3.57 and its two-hundred day moving average is $1.96.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting analysts' consensus estimates of ($0.02). Bitfarms had a negative return on equity of 4.42% and a negative net margin of 48.26%.The business had revenue of $69.25 million for the quarter, compared to analysts' expectations of $84.66 million. On average, equities research analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE bought a new stake in shares of Bitfarms during the third quarter valued at approximately $34,000. SG Americas Securities LLC bought a new position in shares of Bitfarms during the third quarter worth $51,000. Weaver Consulting Group purchased a new position in Bitfarms during the third quarter valued at $57,000. PFG Investments LLC bought a new stake in Bitfarms in the 3rd quarter valued at $71,000. Finally, Truefg LLC purchased a new stake in Bitfarms in the 3rd quarter worth $73,000. 20.59% of the stock is currently owned by 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.

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