Bitfarms (NASDAQ:BITF) Trading Up 9.8% - Time to Buy?

Key Points

• Bitfarms' stock surged 9.8% during trading, reaching a high of $6.60, with a significant increase in volume of 347% compared to its average daily volume.
• A mix of analyst ratings includes an "outperform" from Macquarie, a "buy" from Compass Point, and a "hold" upgrade from Wall Street Zen, indicating varied confidence among analysts.
• Bitfarms reported revenue of $77.80 million for its last quarter, missing estimates, with a net margin of -35.09% and a projected earnings per share of -0.21 for the current year.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares were up 9.8% during trading on Wednesday . The company traded as high as $6.60 and last traded at $6.47. Approximately 171,720,197 shares were traded during trading, an increase of 347% from the average daily volume of 38,424,684 shares. The stock had previously closed at $5.89.

Analyst Ratings Changes

A number of research analysts have commented on BITF shares. Macquarie reaffirmed an "outperform" rating on shares of Bitfarms in a research report on Monday. Wall Street Zen raised Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Compass Point started coverage on Bitfarms in a research report on Monday, September 15th. They issued a "buy" rating for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Bitfarms in a research report on Wednesday, October 8th. Finally, Northland Securities set a $7.00 target price on Bitfarms in a research report on Monday. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $4.35.

Bitfarms Trading Up 9.8%

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 company has a market cap of $3.64 billion, a P/E ratio of -38.06 and a beta of 3.73. The stock has a 50-day moving average of $2.24 and a two-hundred day moving average of $1.41.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The company had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. On average, equities research analysts predict that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

Several institutional investors have recently added to or reduced their stakes in BITF. Vident Advisory LLC boosted its stake in Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock valued at $9,538,000 after purchasing an additional 4,677,425 shares during the last quarter. Invesco Ltd. boosted its stake in Bitfarms by 40.4% during the 2nd quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock valued at $11,120,000 after purchasing an additional 3,806,810 shares during the last quarter. Continental General Insurance Co. purchased a new stake in Bitfarms during the 1st quarter valued at $2,124,000. Charles Schwab Investment Management Inc. boosted its stake in Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after purchasing an additional 1,306,212 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Bitfarms by 28.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after purchasing an additional 1,223,201 shares during the last quarter. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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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