Bitfarms (NASDAQ:BITF) Trading 6.8% Higher - Here's Why

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) rose 6.8% during trading on Monday . The stock traded as high as $2.03 and last traded at $2.03. Approximately 4,491,005 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 21,825,430 shares. The stock had previously closed at $1.90.

Wall Street Analyst Weigh In

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

Bitfarms Stock Up 12.6 %

The stock has a market cap of $875.92 million, a price-to-earnings ratio of -5.57 and a beta of 3.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. The firm's 50-day simple moving average is $2.05 and its two-hundred day simple moving average is $2.21.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly 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 net margin of 62.79% and a negative return on equity of 18.94%. The business had revenue of $41.55 million for the quarter, compared to analysts' expectations of $44.59 million. On average, sell-side analysts expect that Bitfarms Ltd. will post -0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently bought and sold shares of the business. Swiss National Bank bought a new stake in Bitfarms in the first quarter valued at approximately $1,426,000. Cetera Investment Advisers raised its stake in Bitfarms by 42.7% during the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company's stock worth $2,579,000 after buying an additional 299,273 shares during the period. Shell Asset Management Co. bought a new position in Bitfarms during the first quarter worth about $43,000. K2 Principal Fund L.P. acquired a new position in Bitfarms in the second quarter valued at about $816,000. Finally, Marshall Wace LLP bought a new stake in shares of Bitfarms in the second quarter worth about $4,016,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.