Bitfarms (NASDAQ:BITF) Trading Up 3.4% – Here’s Why

Bitfarms Ltd. (NASDAQ:BITF) shares shot up 3.4% on Monday . The company traded as high as $2.63 and last traded at $2.5650. 7,801,882 shares traded hands during trading, a decline of 83% from the average session volume of 45,453,332 shares. The stock had previously closed at $2.48.

Wall Street Analysts Forecast Growth

BITF has been the subject of several analyst reports. Cantor Fitzgerald raised their price target 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. Compass Point began coverage on Bitfarms in a report on Monday, September 15th. They issued a “buy” rating for the company. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target (down previously from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Finally, Northland Securities set a $7.00 price objective on Bitfarms in a research report on Monday, October 13th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bitfarms has a consensus rating of “Moderate Buy” and a consensus price target of $4.25.

Bitfarms Trading Down 3.3%

The firm’s 50-day moving average price is $3.14 and its 200 day moving average price is $2.34. 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 market cap of $1.42 billion, a price-to-earnings ratio of -10.35 and a beta of 3.78.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting analysts’ consensus estimates of ($0.02). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. The business had revenue of $69.25 million during the quarter, compared to analyst estimates of $84.66 million. As a group, equities analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE bought a new position in shares of Bitfarms in the third quarter valued at approximately $34,000. WINTON GROUP Ltd purchased a new position in Bitfarms during the 2nd quarter worth $43,000. Baker Avenue Asset Management LP bought a new stake in shares of Bitfarms in the 2nd quarter worth $50,000. SG Americas Securities LLC purchased a new stake in shares of Bitfarms in the third quarter valued at about $51,000. Finally, Swiss Life Asset Management Ltd bought a new position in shares of Bitfarms during the third quarter valued at about $56,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Company Profile

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.