Bitfarms (NASDAQ:BITF) Trading 5.3% Higher - Here's Why

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%.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price rose 5.3% on Monday . The company traded as high as $1.31 and last traded at $1.30. Approximately 16,319,727 shares traded hands during trading, a decline of 36% from the average daily volume of 25,696,730 shares. The stock had previously closed at $1.23.

Wall Street Analyst Weigh In

BITF has been the topic of a number of recent analyst reports. Jones Trading began coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 price target on the stock. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, HC Wainwright reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $3.95.

Bitfarms Stock Performance

The firm has a market capitalization of $660.70 million, a PE ratio of -6.24 and a beta of 3.45. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.58 and a current ratio of 2.64. The company's fifty day moving average price is $0.99 and its two-hundred day moving average price is $1.09.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BITF. National Bank of Canada FI lifted its holdings in shares of Bitfarms by 2,629.2% during the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock worth $31,000 after acquiring an additional 19,877 shares during the period. Arkadios Wealth Advisors acquired a new stake in Bitfarms during the 1st quarter worth approximately $39,000. Cresset Asset Management LLC increased its position in Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after purchasing an additional 9,795 shares in the last quarter. Theory Financial LLC acquired a new stake in Bitfarms during the 1st quarter worth approximately $48,000. Finally, Blue Rock Wealth Management LLC acquired a new stake in Bitfarms during the 1st quarter worth approximately $59,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.