Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) rose 10.4% during mid-day trading on Tuesday . The company traded as high as $0.92 and last traded at $0.92. Approximately 1,290,782 shares changed hands during trading, a decline of 95% from the average daily volume of 28,415,969 shares. The stock had previously closed at $0.83.
Wall Street Analyst Weigh In
BITF has been the topic of several recent research reports. Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a report on Thursday, March 27th. Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an "outperform" rating on the stock. HC Wainwright decreased their price objective on shares of Bitfarms from $4.00 to $3.50 and set a "buy" rating for the company in a research note on Thursday, March 27th. Finally, Industrial Alliance Securities set a $3.25 price target on Bitfarms in a report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $3.86.
Check Out Our Latest Report on Bitfarms
Bitfarms Stock Up 13.7 %
The firm's fifty day simple moving average is $1.03 and its two-hundred day simple moving average is $1.56. The company has a market capitalization of $511.70 million, a price-to-earnings ratio of -2.64 and a beta of 3.74. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.
Bitfarms (NASDAQ:BITF - Get Free Report) last posted its earnings results on Thursday, March 27th. The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.07. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The company had revenue of $54.40 million for the quarter, compared to analysts' expectations of $54.22 million. Sell-side analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.
Institutional Investors Weigh In On Bitfarms
Several large investors have recently bought and sold shares of the stock. Van ECK Associates Corp raised its holdings in shares of Bitfarms by 106.6% in the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock valued at $18,705,000 after purchasing an additional 6,477,985 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Bitfarms by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company's stock worth $3,965,000 after acquiring an additional 81,760 shares in the last quarter. Barclays PLC acquired a new stake in shares of Bitfarms during the 3rd quarter worth about $161,000. Charles Schwab Investment Management Inc. lifted its stake in Bitfarms by 121.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock worth $3,728,000 after purchasing an additional 1,370,102 shares during the last quarter. Finally, State Street Corp boosted its holdings in Bitfarms by 1.3% in the third quarter. State Street Corp now owns 4,917,729 shares of the company's stock valued at $10,376,000 after purchasing an additional 63,916 shares in the last quarter. Hedge funds and other institutional investors own 20.59% of the company's stock.
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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