Bitfarms (NASDAQ:BITF) Trading Up 4.6%

Bitfarms Ltd. (NASDAQ:BITF)’s share price was up 4.6% during trading on Thursday . The stock traded as high as $2.28 and last traded at $2.26. Approximately 4,268,359 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 26,443,670 shares. The stock had previously closed at $2.16.

Analyst Ratings Changes

BITF has been the subject of a number of research analyst reports. B. Riley reiterated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, December 14th. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $4.25.

Bitfarms Price Performance

The firm has a market cap of $741.81 million, a P/E ratio of -6.19 and a beta of 3.71. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. The firm has a 50-day simple moving average of $2.60 and a 200-day simple moving average of $2.01.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $46.24 million for the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same quarter in the previous year, the firm earned ($0.07) EPS. As a group, analysts forecast that Bitfarms Ltd. will post -0.17 EPS for the current year.

Institutional Trading of Bitfarms

Institutional investors have recently made changes to their positions in the business. Vima LLC acquired a new stake in Bitfarms in the 4th quarter worth approximately $91,000. Voya Investment Management LLC increased its position in shares of Bitfarms by 32.5% in the 4th quarter. Voya Investment Management LLC now owns 97,535 shares of the company’s stock valued at $284,000 after acquiring an additional 23,915 shares during the period. Vident Advisory LLC raised its stake in Bitfarms by 21.6% in the 4th quarter. Vident Advisory LLC now owns 1,721,753 shares of the company’s stock worth $5,015,000 after acquiring an additional 305,681 shares during the last quarter. Nwam LLC lifted its position in Bitfarms by 5.8% during the 4th quarter. Nwam LLC now owns 71,388 shares of the company’s stock worth $208,000 after acquiring an additional 3,927 shares during the period. Finally, Bayesian Capital Management LP purchased a new stake in Bitfarms during the 4th quarter valued at about $86,000. Institutional investors and hedge funds 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.