Bitfarms (NASDAQ:BITF) Trading 7% Higher – Time to Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price was up 7% during trading on Friday . The company traded as high as $2.86 and last traded at $2.8450. Approximately 18,600,544 shares traded hands during trading, a decline of 56% from the average daily volume of 41,898,723 shares. The stock had previously closed at $2.66.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Cantor Fitzgerald upped their target price on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. Wall Street Zen lowered Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. HC Wainwright restated a “buy” rating and set a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Finally, B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.25.

Bitfarms Trading Up 2.4%

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 fifty day moving average is $2.77 and its two-hundred day moving average is $2.55. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -11.85 and a beta of 3.81.

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

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE acquired a new position in Bitfarms during the 3rd quarter valued at about $34,000. Apollon Wealth Management LLC acquired a new position in Bitfarms in the fourth quarter valued at approximately $35,000. SG Americas Securities LLC acquired a new position in Bitfarms in the third quarter valued at approximately $51,000. Swiss Life Asset Management Ltd bought a new position in Bitfarms in the third quarter valued at approximately $56,000. Finally, Weaver Consulting Group acquired a new stake in Bitfarms during the 3rd quarter worth $57,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.