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

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

Analyst Ratings Changes

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

Bitfarms Stock Performance

The stock's 50 day moving average price is $0.96 and its 200 day moving average price 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 capitalization of $564.30 million, a P/E ratio of -5.34 and a beta of 3.45.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting analysts' consensus estimates of ($0.04). Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. The company had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. As a group, equities analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Institutional investors have recently modified their holdings of the company. Blue Rock Wealth Management LLC bought a new position in Bitfarms during the first quarter worth $59,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 acquiring an additional 1,223,201 shares in the last quarter. Vident Advisory LLC boosted its stake in Bitfarms by 10.4% during the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock worth $5,279,000 after acquiring an additional 628,603 shares in the last quarter. Continental General Insurance Co. bought a new position in Bitfarms during the first quarter worth $2,124,000. Finally, Swiss National Bank boosted its stake in Bitfarms by 27.1% during the first quarter. Swiss National Bank now owns 897,000 shares of the company's stock worth $705,000 after acquiring an additional 191,200 shares in the last quarter. 20.59% of the stock is owned by institutional investors.

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.