Bitfarms (NASDAQ:BITF) Trading 4.3% Higher - Here's What Happened

Key Points

• Bitfarms Ltd. shares increased by 4.3%, trading as high as $4.26, with a significant trading volume of 104.8 million shares, which is a 197% increase from the average session volume.
• Wall Street analysts have mixed ratings for Bitfarms, with the stock receiving five "Buy" ratings and one "Sell" rating; the average target price is set at $3.69.
• The company reported a loss of ($0.02) earnings per share in its last earnings report, missing the consensus estimate, and is expected to continue facing challenges with a projected earnings per share of ($0.21) for the current fiscal year.

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) traded up 4.3% during mid-day trading on Thursday . The company traded as high as $4.26 and last traded at $4.17. 104,871,837 shares changed hands during mid-day trading, an increase of 197% from the average session volume of 35,259,512 shares. The stock had previously closed at $4.00.

Wall Street Analysts Forecast Growth

BITF has been the topic of a number of analyst reports. Jones Trading initiated coverage on Bitfarms in a research report on Monday, July 21st. They set a "buy" rating and a $2.00 target price on the stock. Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Bitfarms in a research report on Wednesday. Finally, Compass Point initiated coverage on Bitfarms in a research report on Monday, September 15th. They set a "buy" rating on the stock. Five 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 an average rating of "Moderate Buy" and a consensus target price of $3.69.

Bitfarms Trading Up 4.3%

The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of -24.53 and a beta of 3.73. The company has a fifty day moving average price of $2.00 and a two-hundred day moving average price of $1.32. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its 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). The company had revenue of $77.80 million for the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. As a group, research analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BITF. Trium Capital LLP acquired a new position in shares of Bitfarms during the 1st quarter worth approximately $609,000. SBI Securities Co. Ltd. raised its position in shares of Bitfarms by 69.9% during the 1st quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company's stock valued at $117,000 after buying an additional 61,085 shares during the period. Theory Financial LLC purchased a new stake in shares of Bitfarms during the 1st quarter valued at approximately $48,000. Private Advisor Group LLC raised its position in shares of 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 buying an additional 37,000 shares during the period. Finally, TD Asset Management Inc raised its position in shares of Bitfarms by 5.0% during the 1st 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 period. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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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