Bitfarms (NASDAQ:BITF) Trading 14.5% Higher - Here's What Happened

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% during mid-day trading on Thursday . The company traded as high as $1.98 and last traded at $2.00. Approximately 18,864,635 shares changed hands during trading, a decline of 29% from the average daily volume of 26,578,469 shares. The stock had previously closed at $1.75.

Analyst Upgrades and Downgrades

BITF has been the subject of a number of research reports. Jones Trading initiated coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 target price for the company. HC Wainwright restated a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Bitfarms presently has an average rating of "Buy" and an average price target of $3.95.

Bitfarms Stock Performance

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 company's 50-day simple moving average is $1.23 and its 200-day simple moving average is $1.06. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -11.85 and a beta of 3.50.

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

Institutional Investors Weigh In On Bitfarms

A number of institutional investors have recently modified their holdings of the company. Invesco Ltd. boosted its stake in Bitfarms by 40.4% during the second quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock worth $11,120,000 after acquiring an additional 3,806,810 shares in the last quarter. Vident Advisory LLC raised its holdings in Bitfarms by 70.0% during the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock worth $9,538,000 after buying an additional 4,677,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Bitfarms by 28.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock worth $4,316,000 after buying an additional 1,223,201 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Bitfarms by 52.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock worth $3,002,000 after buying an additional 1,306,212 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Bitfarms by 3.8% during the second quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company's stock worth $2,860,000 after buying an additional 125,156 shares during the last quarter. 20.59% of the stock is owned by 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.

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