Bitfarms (NASDAQ:BITF) Trading 3.4% Higher – What’s Next?

by · The Cerbat Gem

Shares of Bitfarms Ltd. (NASDAQ:BITF – Get Free Report) traded up 3.4% during mid-day trading on Tuesday . The stock traded as high as $3.16 and last traded at $3.01. 47,236,105 shares changed hands during trading, an increase of 3% from the average session volume of 45,959,848 shares. The stock had previously closed at $2.91.

Analysts Set New Price Targets

A number of equities analysts have recently commented on BITF shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Northland Securities set a $7.00 target price on Bitfarms in a report on Monday, October 13th. Compass Point assumed coverage on Bitfarms in a research report on Monday, September 15th. They issued a “buy” rating on the stock. Finally, Macquarie restated an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $4.25.

Get Our Latest Stock Analysis on BITF

Bitfarms Stock Performance

The stock has a market capitalization of $1.76 billion, a P/E ratio of -12.78 and a beta of 3.78. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average price of $3.68 and a two-hundred day moving average price of $2.18.

Bitfarms (NASDAQ:BITF – Get Free Report) last released its earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, hitting the consensus estimate of ($0.02). The business had revenue of $69.25 million during the quarter, compared to analysts’ expectations of $84.66 million. Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%. On average, equities analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its stake in Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company’s stock valued at $3,002,000 after purchasing an additional 1,306,212 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Bitfarms by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company’s stock valued at $105,000 after buying an additional 13,378 shares in the last quarter. Swiss National Bank raised its stake in Bitfarms by 27.1% during the 1st quarter. Swiss National Bank now owns 897,000 shares of the company’s stock worth $705,000 after buying an additional 191,200 shares during the period. Continental General Insurance Co. bought a new stake in shares of Bitfarms during the first quarter valued at approximately $2,124,000. Finally, Vident Advisory LLC raised its position in shares of Bitfarms by 10.4% during the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company’s stock worth $5,279,000 after purchasing an additional 628,603 shares during the period. 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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