Bitfarms (NASDAQ:BITF) Trading 2.7% Higher - Here's What Happened

Key Points

• Bitfarms Ltd. shares rose by 2.7%, trading at $3.01 after reaching a high of $3.15, with trading volume significantly increasing by 91% compared to average levels.
• Analysts have mixed ratings on Bitfarms, with Wall Street Zen upgrading it to a "hold," while Weiss Ratings reaffirmed a "sell (d-)" rating; the average target price for the stock is currently $3.69.
• Institutional investors have been buying Bitfarms shares, with Vident Advisory raising its stake by 70% in the second quarter, reflecting growing interest from hedge funds and institutional clients.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares traded up 2.7% during trading on Friday . The stock traded as high as $3.15 and last traded at $3.01. 64,330,220 shares were traded during mid-day trading, an increase of 91% from the average session volume of 33,620,379 shares. The stock had previously closed at $2.93.

Analyst Upgrades and Downgrades

BITF has been the subject of several research analyst reports. Wall Street Zen raised Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Jones Trading initiated coverage on Bitfarms in a research note on Monday, July 21st. They issued a "buy" rating and a $2.00 price objective for the company. Compass Point initiated coverage on Bitfarms in a research note on Monday, September 15th. They issued a "buy" rating for the company. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bitfarms in a research note on Saturday, September 27th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $3.69.

Bitfarms Stock Performance

The stock has a 50-day simple moving average of $1.80 and a 200-day simple moving average of $1.25. 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 $1.69 billion, a PE ratio of -17.70 and a beta of 3.73.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. Equities analysts predict that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vident Advisory LLC raised its stake in Bitfarms by 70.0% during the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock valued at $9,538,000 after buying an additional 4,677,425 shares in the last quarter. Bank of America Corp DE grew its holdings in Bitfarms by 793.6% in the 2nd quarter. Bank of America Corp DE now owns 143,978 shares of the company's stock worth $121,000 after buying an additional 127,865 shares in the last quarter. 272 Capital LP bought a new position in Bitfarms during the 2nd quarter valued at $88,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Bitfarms by 38.5% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 783,306 shares of the company's stock valued at $658,000 after purchasing an additional 217,799 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new stake in shares of Bitfarms during the 2nd quarter worth $43,000. Hedge funds and other institutional investors own 20.59% of the company's stock.

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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