Bitfarms (NASDAQ:BITF) Stock Price Up 11% – Here’s Why

Shares of Bitfarms Ltd. (NASDAQ:BITF) were up 11% on Monday . The company traded as high as $2.83 and last traded at $2.82. Approximately 56,428,463 shares were traded during trading, an increase of 71% from the average daily volume of 33,088,320 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BITF shares. Wall Street Zen upgraded Bitfarms from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Compass Point began coverage on Bitfarms in a research note on Monday, September 15th. They issued a “buy” rating on the stock. Finally, Jones Trading began coverage on Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 price target on the stock. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Bitfarms has a consensus rating of “Buy” and a consensus target price of $3.95.

Bitfarms Price Performance

The firm has a market capitalization of $1.57 billion, a P/E ratio of -16.59 and a beta of 3.50. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The firm has a 50-day moving average of $1.63 and a 200-day moving average of $1.19.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. As a group, analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arkadios Wealth Advisors purchased a new stake in shares of Bitfarms in the 1st quarter worth $39,000. WINTON GROUP Ltd purchased a new stake in Bitfarms in the 2nd quarter worth $43,000. Theory Financial LLC bought a new stake in Bitfarms during the first quarter valued at about $48,000. Baker Avenue Asset Management LP purchased a new position in shares of Bitfarms in the second quarter valued at about $50,000. Finally, Blue Rock Wealth Management LLC bought a new position in shares of Bitfarms in the first quarter worth about $59,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.