Bitfarms (NASDAQ:BITF) Stock Price Up 7.1%

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) rose 7.1% during mid-day trading on Monday . The stock traded as high as $1.96 and last traded at $1.95. Approximately 5,232,600 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 23,891,049 shares. The stock had previously closed at $1.82.

Analysts Set New Price Targets

A number of brokerages have commented on BITF. Cantor Fitzgerald restated an "overweight" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, March 28th. Northland Securities began coverage on Bitfarms in a research report on Thursday, April 25th. They set an "outperform" rating and a $4.00 price target on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $4.20.

Bitfarms Stock Performance

The firm has a market capitalization of $684.08 million, a PE ratio of -5.19 and a beta of 3.65. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88. The stock has a 50-day moving average price of $2.24 and a 200-day moving average price of $2.19.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.01. The company had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period in the prior year, the company posted ($0.07) EPS. On average, research analysts expect that Bitfarms Ltd. will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently modified their holdings of BITF. Vontobel Holding Ltd. lifted its stake in Bitfarms by 7.8% in the fourth quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company's stock valued at $238,000 after buying an additional 5,900 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Bitfarms by 39.4% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company's stock worth $70,000 after acquiring an additional 6,837 shares during the period. Headlands Technologies LLC boosted its stake in Bitfarms by 64.7% during the 4th quarter. Headlands Technologies LLC now owns 18,908 shares of the company's stock valued at $55,000 after purchasing an additional 7,429 shares in the last quarter. Capital Performance Advisors LLP bought a new position in Bitfarms during the fourth quarter valued at about $29,000. Finally, Evanson Asset Management LLC grew its stake 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 purchasing an additional 10,457 shares during the last quarter. 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.