Bitfarms (NASDAQ:BITF) Stock Price Up 4.6% - What's Next?

Key Points

• Bitfarms share price increased by 4.6% to $2.93, with a significant trading volume of approximately 57.96 million shares, representing a 73% increase from its average volume.
• Wall Street analysts show strong support for Bitfarms, with six analysts issuing a Buy rating and a consensus price target of $3.95.
• Bitfarms posted a quarterly loss with earnings per share of ($0.02), slightly below the consensus estimate, and reported $77.80 million in revenue against expectations of $79.78 million.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price was up 4.6% during trading on Thursday . The stock traded as high as $3.07 and last traded at $2.93. Approximately 57,959,180 shares changed hands during trading, an increase of 73% from the average daily volume of 33,452,719 shares. The stock had previously closed at $2.80.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BITF. Jones Trading began coverage on Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 price target on the stock. Compass Point started coverage on Bitfarms in a research note on Monday, September 15th. They issued a "buy" rating for the company. Finally, Wall Street Zen raised Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $3.95.

Bitfarms Price Performance

The stock has a 50 day moving average price of $1.73 and a two-hundred day moving average price of $1.22. 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 company has a market capitalization of $1.63 billion, a PE ratio of -17.23 and a beta of 3.72.

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

Institutional Trading of Bitfarms

Several institutional investors have recently bought and sold shares of BITF. Millennium Management LLC boosted its stake in Bitfarms by 81.1% in the 4th quarter. Millennium Management LLC now owns 536,044 shares of the company's stock valued at $799,000 after buying an additional 239,997 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Bitfarms by 14.5% during the fourth quarter. Nuveen Asset Management LLC now owns 287,468 shares of the company's stock valued at $426,000 after acquiring an additional 36,449 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Bitfarms by 10.0% during the fourth quarter. Mackenzie Financial Corp now owns 162,792 shares of the company's stock valued at $238,000 after acquiring an additional 14,865 shares during the period. Trium Capital LLP bought a new stake in Bitfarms in the first quarter valued at about $609,000. Finally, SBI Securities Co. Ltd. increased its holdings in Bitfarms by 69.9% in the first quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company's stock valued at $117,000 after purchasing an additional 61,085 shares during the last quarter. Institutional investors and hedge funds own 20.59% of the company's stock.

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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