Bitfarms (NASDAQ:BITF) Trading 14.8% Higher - Time to Buy?

Key Points

• Shares jumped 14.8% on Monday to about $2.79–$2.80 on roughly 48.1 million shares traded, above average volume.
• Analyst sentiment is mixed but leans positive overall—MarketBeat shows a consensus "Moderate Buy" with a $4.54 price target, while individual firms range from sell ratings to Cantor Fitzgerald's $5.00 overweight call.
• Fundamentals remain weak: Q3 EPS of ($0.02) met estimates but revenue missed ($69.3M vs $84.7M expected), the company has a ~48% negative net margin, and analysts expect about ($0.21) EPS for the year.

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) were up 14.8% during trading on Monday . The stock traded as high as $2.80 and last traded at $2.79. Approximately 48,105,248 shares changed hands during trading, an increase of 7% from the average daily volume of 44,972,133 shares. The stock had previously closed at $2.43.

Wall Street Analysts Forecast Growth

BITF has been the topic of a number of recent analyst reports. Macquarie restated an "outperform" rating on shares of Bitfarms in a report on Monday, October 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Bitfarms in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Bitfarms from a "hold" rating to a "sell" rating in a report on Saturday, November 15th. Cantor Fitzgerald increased their price objective on Bitfarms from $2.20 to $5.00 and gave the company an "overweight" rating in a report on Friday, November 14th. Finally, Compass Point initiated coverage on Bitfarms in a research report on Monday, September 15th. They issued a "buy" rating for the company. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $4.54.

Bitfarms Stock Up 14.8%

The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -12.13 and a beta of 3.76. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The business's 50 day moving average is $3.62 and its 200 day moving average is $2.00.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.02). The business had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. Sell-side analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Advisor Group LLC grew its stake in Bitfarms by 26.2% during the 1st quarter. Private Advisor Group LLC now owns 178,100 shares of the company's stock valued at $140,000 after purchasing an additional 37,000 shares during the last quarter. TD Asset Management Inc boosted its position in Bitfarms by 5.0% in the first quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock valued at $314,000 after buying an additional 19,089 shares during the last quarter. Mackenzie Financial Corp boosted its position in Bitfarms by 13.0% in the first quarter. Mackenzie Financial Corp now owns 184,030 shares of the company's stock valued at $145,000 after buying an additional 21,238 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in Bitfarms in the 1st quarter worth approximately $39,000. Finally, Charles Schwab Investment Management Inc. raised its position in Bitfarms by 52.2% during the 1st 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. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.