Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $2.24, but opened at $2.48. Bitfarms shares last traded at $2.49, with a volume of 15,286,406 shares traded.
Analysts Set New Price Targets
BITF has been the topic of a number of recent research reports. HC Wainwright restated a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $3.66.
Read Our Latest Research Report on Bitfarms
Bitfarms Stock Performance
The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The stock has a market capitalization of $1.20 billion, a P/E ratio of -7.54 and a beta of 3.64. The company has a fifty day moving average of $2.01 and a two-hundred day moving average of $2.22.
Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.04. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. The company had revenue of $41.55 million during the quarter, compared to analyst estimates of $44.59 million. On average, equities analysts anticipate that Bitfarms Ltd. will post -0.3 EPS for the current year.
Hedge Funds Weigh In On Bitfarms
A number of institutional investors and hedge funds have recently added to or reduced their stakes in BITF. Chesapeake Capital Corp IL lifted its position in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock worth $50,000 after purchasing an additional 4,800 shares during the period. Gladstone Institutional Advisory LLC lifted its position in Bitfarms by 3.2% in the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company's stock worth $337,000 after purchasing an additional 5,000 shares during the period. WINTON GROUP Ltd acquired a new stake in Bitfarms in the second quarter worth approximately $38,000. Lifeworks Advisors LLC acquired a new stake in Bitfarms in the third quarter worth approximately $37,000. Finally, Shell Asset Management Co. acquired a new stake in Bitfarms in the first quarter worth approximately $43,000. 20.59% of the stock is owned by institutional investors.
About Bitfarms
(
Get Free Report)
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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