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Bitfarms (NASDAQ:BITF) Stock Price Up 5.3% - Here's Why

Bitfarms logo with Business Services background

Key Points

  • Bitfarms Ltd. (NASDAQ:BITF) saw a share price increase of 5.3%, closing at $1.30 after trading as high as $1.31, despite a 36% decline in trading volume compared to the average.
  • Multiple analyst firms have issued reports promoting Bitfarms, with an average rating of "Buy" and a target price of $3.95, indicating positive market sentiment.
  • Bitfarms reported a revenue of $66.85 million for the quarter, which was slightly below the consensus estimate, while also maintaining a negative net margin of 40.09%.
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Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) rose 5.3% during trading on Monday . The company traded as high as $1.31 and last traded at $1.30. Approximately 16,319,727 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 25,696,730 shares. The stock had previously closed at $1.23.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BITF. HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Jones Trading initiated coverage on shares of Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 target price for the company. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Bitfarms has an average rating of "Buy" and an average target price of $3.95.

Read Our Latest Analysis on BITF

Bitfarms Trading Up 4.1%

The company has a market cap of $713.66 million, a price-to-earnings ratio of -6.74 and a beta of 3.45. The company has a current ratio of 2.64, a quick ratio of 2.58 and a debt-to-equity ratio of 0.03. The firm's 50-day moving average price is $0.98 and its 200 day moving average price is $1.09.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. The business had revenue of $66.85 million during the quarter, compared to the consensus estimate of $67.17 million. As a group, equities analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently bought and sold shares of BITF. Cetera Investment Advisers increased its holdings in Bitfarms by 31.9% in the 4th quarter. Cetera Investment Advisers now owns 963,793 shares of the company's stock worth $1,436,000 after acquiring an additional 232,821 shares during the last quarter. Vident Advisory LLC boosted its stake in Bitfarms by 87.6% in the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock worth $9,016,000 after buying an additional 2,828,703 shares in the last quarter. Trium Capital LLP purchased a new stake in Bitfarms in the first quarter worth approximately $609,000. Banco Bilbao Vizcaya Argentaria S.A. bought a new stake in Bitfarms in the fourth quarter valued at approximately $1,200,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Bitfarms by 34.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,148,423 shares of the company's stock valued at $1,711,000 after acquiring an additional 293,138 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors.

About Bitfarms

(Get Free Report)

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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