Bitfarms (NASDAQ:BITF) Shares Up 8.4%

Bitfarms Ltd. (NASDAQ:BITF)’s stock price shot up 8.4% on Thursday . The stock traded as high as $1.95 and last traded at $1.94. 10,430,317 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 25,010,787 shares. The stock had previously closed at $1.79.

Wall Street Analyst Weigh In

Several research firms have weighed in on BITF. HC Wainwright reiterated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a report on Tuesday, March 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, March 28th.

Bitfarms Stock Performance

The firm’s fifty day moving average price is $2.52 and its 200 day moving average price is $2.11. 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 stock has a market capitalization of $684.08 million, a price-to-earnings ratio of -5.19 and a beta of 3.62.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The firm had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. During the same period in the prior year, the business posted ($0.07) EPS. Analysts forecast that Bitfarms Ltd. will post -0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently made changes to their positions in the stock. Invesco Ltd. increased its stake in Bitfarms by 56.1% during the 1st quarter. Invesco Ltd. now owns 13,039,797 shares of the company’s stock worth $48,900,000 after buying an additional 4,687,086 shares during the period. State Street Corp increased its stake in Bitfarms by 240.8% during the 2nd quarter. State Street Corp now owns 4,228,087 shares of the company’s stock worth $6,215,000 after buying an additional 2,987,589 shares during the period. Van ECK Associates Corp increased its stake in 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 buying an additional 599,506 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Bitfarms by 27.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock valued at $9,127,000 after purchasing an additional 677,799 shares during the last quarter. Finally, Vident Advisory LLC increased its position in shares of Bitfarms by 21.6% in the 4th quarter. Vident Advisory LLC now owns 1,721,753 shares of the company’s stock valued at $5,015,000 after purchasing an additional 305,681 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.