Bitfarms (NASDAQ:BITF) Trading Up 7.5% - Time to Buy?

Key Points

• Bitfarms Ltd. shares increased by 7.5% on Wednesday, reaching a last trading price of $2.79 with around 60 million shares traded, marking an 85% rise in trading volume.
• Analysts maintain a consensus rating of "Buy" for Bitfarms, with an average price target of $3.95, indicating strong confidence in the stock's potential.
• Despite a missed earnings estimate of ($0.02) EPS, Bitfarms reported revenue of $77.80 million for the quarter, though it fell short of the expected $79.78 million.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price was up 7.5% on Wednesday . The stock traded as high as $2.84 and last traded at $2.79. Approximately 60,062,459 shares were traded during mid-day trading, an increase of 85% from the average daily volume of 32,482,561 shares. The stock had previously closed at $2.59.

Analysts Set New Price Targets

Several analysts have weighed in on BITF shares. Compass Point started coverage on Bitfarms in a report on Monday, September 15th. They issued a "buy" rating on the stock. Jones Trading started coverage on Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 target price on the stock. Finally, Wall Street Zen raised Bitfarms from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Six analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $3.95.

Bitfarms Stock Up 7.9%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The firm has a fifty day simple moving average of $1.54 and a 200-day simple moving average of $1.15. The company has a market capitalization of $1.56 billion, a PE ratio of -16.38 and a beta of 3.50.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $77.80 million during 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%. Equities research analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Arkadios Wealth Advisors acquired a new position in shares of Bitfarms in the 1st quarter worth approximately $39,000. WINTON GROUP Ltd acquired a new position in Bitfarms during the 2nd quarter valued at approximately $43,000. Baker Avenue Asset Management LP acquired a new position in Bitfarms during the 2nd quarter valued at approximately $50,000. Theory Financial LLC acquired a new position in Bitfarms during the 1st quarter valued at approximately $48,000. Finally, Blue Rock Wealth Management LLC acquired a new position in Bitfarms during the 1st quarter valued at approximately $59,000. Institutional investors and hedge funds 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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