Bitfarms (NASDAQ:BITF) Shares Up 1% - Time to Buy?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) traded up 1% during trading on Monday . The company traded as high as $1.06 and last traded at $1.03. 27,783,824 shares traded 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 research analysts have commented on the company. Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a research note on Thursday, March 27th. 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, According to data from MarketBeat, Bitfarms has an average rating of "Buy" and an average price target of $4.44.

Bitfarms Price Performance

The company has a market cap of $572.64 million, a P/E ratio of -5.42 and a beta of 3.45. The company has a fifty day moving average price of $0.96 and a two-hundred day moving average price of $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.

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

Institutional Investors Weigh In On Bitfarms

A number of institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in shares of Bitfarms by 121.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock valued at $3,728,000 after buying an additional 1,370,102 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Bitfarms by 31.9% during the fourth quarter. Cetera Investment Advisers now owns 963,793 shares of the company's stock worth $1,436,000 after buying an additional 232,821 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Bitfarms by 87.6% during the fourth quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock worth $9,016,000 after buying an additional 2,828,703 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in Bitfarms in the fourth quarter valued at $1,200,000. Finally, Trium Capital LLP acquired a new stake in Bitfarms in the first quarter valued at $609,000. Institutional investors 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.