Bitfarms (NASDAQ:BITF) Stock Price Up 8.4%

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) traded up 8.4% on Thursday . The stock traded as high as $1.95 and last traded at $1.94. 10,430,317 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 25,010,787 shares. The stock had previously closed at $1.79.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, March 28th. HC Wainwright reiterated a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Tuesday, March 26th.

Bitfarms Stock Performance

The stock's 50-day moving average price is $2.55 and its 200-day moving average price is $2.10. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $673.39 million, a P/E ratio of -5.11 and a beta of 3.62.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The company had revenue of $46.24 million for the quarter, compared to the consensus estimate of $39.68 million. During the same period last year, the firm posted ($0.07) EPS. As a group, equities analysts expect that Bitfarms Ltd. will post -0.1 EPS for the current year.

Institutional Trading of Bitfarms

A number of large investors have recently modified their holdings of the company. CCG Wealth Management LLC acquired a new stake in shares of Bitfarms in the 1st quarter worth about $50,000. Evanson Asset Management LLC increased its holdings in shares of Bitfarms by 58.1% in the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company's stock worth $63,000 after acquiring an additional 10,457 shares during the period. Vima LLC acquired a new stake in shares of Bitfarms in the 4th quarter worth about $91,000. Voya Investment Management LLC increased its holdings in shares of Bitfarms by 32.5% in the 4th quarter. Voya Investment Management LLC now owns 97,535 shares of the company's stock worth $284,000 after acquiring an additional 23,915 shares during the period. Finally, Vident Advisory LLC increased its holdings in shares of Bitfarms by 21.6% in the 4th quarter. Vident Advisory LLC now owns 1,721,753 shares of the company's stock worth $5,015,000 after acquiring an additional 305,681 shares during the period. 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.