Bitfarms (NASDAQ:BITF) Stock Price Up 8.4%

Bitfarms Ltd. (NASDAQ:BITF) traded up 8.4% during mid-day trading 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 Analysts Forecast Growth

A number of research analysts have recently commented on BITF shares. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Tuesday, March 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, March 28th.

Bitfarms Price Performance

The firm has a market capitalization of $673.42 million, a P/E ratio of -5.27 and a beta of 3.62. The stock’s 50 day simple moving average is $2.55 and its 200 day simple moving average is $2.10. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88.

Bitfarms (NASDAQ:BITF) last announced its quarterly 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 firm had revenue of $46.24 million during the quarter, compared to analyst estimates of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same quarter in the previous year, the business earned ($0.07) earnings per share. As a group, analysts expect that Bitfarms Ltd. will post -0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Portside Wealth Group LLC bought a new stake in shares of Bitfarms in the second quarter valued at about $25,000. Capital Performance Advisors LLP purchased a new position in Bitfarms during the 4th quarter valued at about $29,000. Creative Planning bought a new stake in shares of Bitfarms in the 4th quarter valued at about $33,000. Pasadena Private Wealth LLC purchased a new stake in shares of Bitfarms in the 4th quarter worth approximately $34,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Bitfarms during the fourth quarter valued at approximately $34,000. Institutional investors 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.