Bitfarms (NASDAQ:BITF) Stock Price Up 14.5% - What's Next?

Key Points

• Bitfarms Ltd. experienced a 14.5% increase in stock price during mid-day trading, reaching $2.00 after closing at $1.75.
• The company has a strong analyst outlook with five analysts rating the stock as a "Buy" and an average price target of $3.95.
• Bitfarms reported a quarterly loss of ($0.02) earnings per share, missing estimates, with revenue of $77.80 million compared to expectations of $79.78 million.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) rose 14.5% on Thursday . The stock traded as high as $1.98 and last traded at $2.00. Approximately 18,864,635 shares were traded during trading, a decline of 29% from the average daily volume of 26,578,469 shares. The stock had previously closed at $1.75.

Wall Street Analysts Forecast Growth

BITF has been the topic of several research reports. Jones Trading initiated 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 initiated coverage on Bitfarms in a research report on Monday. They set a "buy" rating on the stock. Finally, Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $3.95.

Bitfarms Stock Up 16.5%

The company has a 50 day moving average price of $1.30 and a two-hundred day moving average price of $1.08. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The stock has a market cap of $1.61 billion, a PE ratio of -17.00 and a beta of 3.50.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly 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). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The business had revenue of $77.80 million during the quarter, compared to analysts' expectations of $79.78 million. Analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Cresset Asset Management LLC raised its stake in shares of Bitfarms by 54.6% in the fourth 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 during the last quarter. Arkadios Wealth Advisors purchased a new stake in Bitfarms during the first quarter valued at $39,000. WINTON GROUP Ltd purchased a new stake in Bitfarms during the second quarter valued at $43,000. Baker Avenue Asset Management LP purchased a new stake in Bitfarms during the second quarter valued at $50,000. Finally, Theory Financial LLC purchased a new stake in Bitfarms during the first quarter valued at $48,000. Hedge funds and other 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.