Bitfarms Ltd. (NASDAQ:BITF – Get Free Report) was up 6.7% during trading on Wednesday . The company traded as high as $2.01 and last traded at $2.00. Approximately 8,065,901 shares changed hands during trading, a decline of 65% from the average daily volume of 22,839,408 shares. The stock had previously closed at $1.87.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on BITF shares. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Tuesday, March 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, March 28th. B. Riley dropped their price target on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, May 17th. Finally, Northland Securities started coverage on Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $4.00.
Bitfarms Stock Performance
The stock has a 50-day moving average of $2.00 and a 200-day moving average of $2.24. The firm has a market cap of $799.27 million, a price-to-earnings ratio of -5.37 and a beta of 3.65. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 3.02.
Bitfarms (NASDAQ:BITF – Get Free Report) last announced its earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. During the same quarter last year, the firm earned ($0.07) EPS. As a group, analysts anticipate that Bitfarms Ltd. will post -0.14 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the stock. Invesco Ltd. increased its position in shares of Bitfarms by 58.2% during the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after purchasing an additional 3,667,681 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after acquiring an additional 2,571,647 shares during the period. Van ECK Associates Corp boosted its stake in shares of Bitfarms by 16.7% during the 4th quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock worth $12,163,000 after acquiring an additional 599,506 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Bitfarms by 27.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after acquiring an additional 677,799 shares during the period. Finally, Vident Advisory LLC boosted its stake in shares of Bitfarms by 51.4% during the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after acquiring an additional 885,217 shares during the period. Institutional investors and hedge funds own 20.59% of the company’s stock.
Bitfarms Company Profile
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.