Bitfarms (NASDAQ:BITF) Shares Up 6.4% – Time to Buy?

Bitfarms Ltd. (NASDAQ:BITF) shares rose 6.4% during mid-day trading on Wednesday . The stock traded as high as $2.58 and last traded at $2.5860. Approximately 7,740,840 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 45,714,094 shares. The stock had previously closed at $2.43.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on BITF shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. HC Wainwright reiterated a “buy” rating and issued a $4.00 price objective (down previously from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. B. Riley restated a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Finally, Compass Point started coverage on shares of Bitfarms in a research report on Monday, September 15th. They issued a “buy” rating on the stock. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.25.

Bitfarms Trading Down 0.3%

The stock has a market capitalization of $1.45 billion, a PE ratio of -10.50 and a beta of 3.78. 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 stock’s 50 day moving average price is $3.63 and its 200-day moving average price is $2.23.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The business had revenue of $69.25 million for the quarter, compared to the consensus estimate of $84.66 million. On average, sell-side analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several large investors have recently made changes to their positions in the company. Western Wealth Management LLC boosted its stake in Bitfarms by 12.8% during the third quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock valued at $75,000 after buying an additional 3,024 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Bitfarms by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 287,566 shares of the company’s stock worth $811,000 after purchasing an additional 9,713 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in Bitfarms by 36.9% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock valued at $111,000 after purchasing an additional 10,619 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Bitfarms by 1.4% in the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock worth $664,000 after buying an additional 10,622 shares in the last quarter. Finally, US Bancorp DE bought a new stake in shares of Bitfarms in the 3rd quarter worth about $34,000. 20.59% of the stock is owned by institutional investors.

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.