Bitfarms (NASDAQ:BITF) Shares Up 8.1% – Should You Buy?
by Sarita Garza · The Markets DailyBitfarms Ltd. (NASDAQ:BITF – Get Free Report) was up 8.1% on Thursday . The company traded as high as $2.92 and last traded at $3.0150. Approximately 10,605,526 shares were traded during trading, a decline of 70% from the average daily volume of 35,890,785 shares. The stock had previously closed at $2.79.
Analysts Set New Price Targets
Several research analysts have weighed in on the company. B. Riley reiterated a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Northland Securities set a $7.00 price objective on shares of Bitfarms in a report on Monday, October 13th. Finally, Cantor Fitzgerald increased their target price on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.25.
Get Our Latest Stock Analysis on Bitfarms
Bitfarms Price Performance
The firm has a market capitalization of $1.67 billion, a P/E ratio of -12.17 and a beta of 3.81. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $2.89 and its 200-day moving average is $2.43.
Bitfarms (NASDAQ:BITF – Get Free Report) last issued its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The firm had revenue of $69.25 million for the quarter, compared to the consensus estimate of $84.66 million. As a group, sell-side analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. boosted its stake in shares of Bitfarms by 8.6% in the 3rd quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock valued at $40,533,000 after purchasing an additional 1,138,549 shares in the last quarter. Vident Advisory LLC lifted its stake in Bitfarms by 70.0% in the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock valued at $9,538,000 after purchasing an additional 4,677,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Bitfarms by 36.8% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,060,389 shares of the company’s stock valued at $19,941,000 after buying an additional 1,898,490 shares in the last quarter. Thames Capital Management LLC bought a new stake in shares of Bitfarms during the third quarter worth $19,834,000. Finally, Aurelius Capital Management LP acquired a new position in shares of Bitfarms during the third quarter worth $18,999,000. Institutional investors own 20.59% of the company’s stock.
About Bitfarms
Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.
Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.