Bitfarms (NASDAQ:BITF) Trading Up 6.5% - What's Next?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price shot up 6.5% during trading on Friday . The company traded as high as $2.03 and last traded at $1.99. 17,676,426 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 21,760,479 shares. The stock had previously closed at $1.87.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BITF shares. HC Wainwright reaffirmed a "buy" rating and set a $4.00 price objective on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Bitfarms presently has a consensus rating of "Moderate Buy" and an average price target of $3.66.

Bitfarms Price Performance

The firm's 50 day simple moving average is $2.08 and its two-hundred day simple moving average is $2.21. The firm has a market capitalization of $843.17 million, a P/E ratio of -5.42 and a beta of 3.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.04. The business had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. As a group, analysts predict that Bitfarms Ltd. will post -0.29 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds have recently modified their holdings of BITF. VitalStone Financial LLC bought a new position in Bitfarms during the 1st quarter valued at approximately $37,000. WINTON GROUP Ltd purchased a new stake in Bitfarms in the second quarter worth $38,000. Shell Asset Management Co. bought a new stake in Bitfarms in the first quarter valued at $43,000. CCG Wealth Management LLC purchased a new position in Bitfarms during the 1st quarter valued at $50,000. Finally, Evanson Asset Management LLC increased its position in Bitfarms by 58.1% during the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company's stock valued at $63,000 after purchasing an additional 10,457 shares during the period. Hedge funds and other 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.