Bitfarms (NASDAQ:BITF) Trading 1% Higher - What's Next?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price rose 1% during mid-day trading on Monday . The company traded as high as $1.06 and last traded at $1.03. Approximately 27,783,824 shares changed hands during trading, an increase of 1% from the average daily volume of 27,565,938 shares. The stock had previously closed at $1.02.

Analyst Ratings Changes

A number of equities analysts have commented on BITF shares. Industrial Alliance Securities set a $3.25 price target on shares of Bitfarms in a research report on Thursday, March 27th. Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $4.44.

Bitfarms Price Performance

The firm's 50-day simple moving average is $0.96 and its 200 day simple moving average is $1.14. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.58 and a current ratio of 2.64. The company has a market cap of $594.88 million, a P/E ratio of -5.63 and a beta of 3.45.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.04). The company had revenue of $66.85 million for the quarter, compared to the consensus estimate of $67.17 million. Bitfarms had a negative return on equity of 12.70% and a negative net margin of 40.09%. On average, research analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Bitfarms during the second quarter worth $211,000. Baader Bank Aktiengesellschaft raised its holdings in shares of Bitfarms by 390.4% during the second quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company's stock worth $121,000 after acquiring an additional 114,245 shares during the period. Blue Rock Wealth Management LLC acquired a new stake in shares of Bitfarms during the first quarter worth $59,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 acquiring an additional 1,223,201 shares during the period. Finally, Vident Advisory LLC grew its position in Bitfarms by 10.4% in the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock valued at $5,279,000 after purchasing an additional 628,603 shares in the last quarter. 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.