Bitfarms (NASDAQ:BITF) Trading Up 3% – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF)’s share price was up 3% on Tuesday . The stock traded as high as $2.81 and last traded at $2.75. Approximately 64,308,239 shares changed hands during trading, an increase of 44% from the average daily volume of 44,569,172 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

Several research firms have commented on BITF. B. Riley reiterated a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. Macquarie reissued an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Compass Point assumed coverage on Bitfarms in a research note on Monday, September 15th. They issued a “buy” rating for the company. Finally, Northland Securities set a $7.00 target price on shares of Bitfarms in a research report on Monday, October 13th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $4.54.

Bitfarms Stock Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The firm has a market capitalization of $1.55 billion, a PE ratio of -11.96 and a beta of 3.76. The company’s fifty day simple moving average is $3.57 and its 200 day simple moving average is $1.96.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). The company had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.42%. As a group, equities research analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently made changes to their positions in the stock. US Bancorp DE bought a new position in shares of Bitfarms in the third quarter worth $34,000. Arkadios Wealth Advisors purchased a new stake in Bitfarms during the 1st quarter worth about $39,000. WINTON GROUP Ltd bought a new position in Bitfarms in the 2nd quarter worth about $43,000. Baker Avenue Asset Management LP purchased a new position in Bitfarms during the 2nd quarter valued at about $50,000. Finally, SG Americas Securities LLC bought a new stake in shares of Bitfarms during the third quarter valued at about $51,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.