Bitfarms (NASDAQ:BITF) Shares Up 7% – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF) shares rose 7% on Friday . The stock traded as high as $2.86 and last traded at $2.8450. Approximately 18,600,544 shares changed hands during trading, a decline of 56% from the average daily volume of 41,898,723 shares. The stock had previously closed at $2.66.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. B. Riley reiterated a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Macquarie reiterated an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective (down from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Cantor Fitzgerald raised their price objective on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4.25.

Bitfarms Stock Performance

The stock has a 50-day moving average of $2.77 and a 200 day moving average of $2.58. The stock has a market cap of $1.64 billion, a PE ratio of -11.91 and a beta of 3.81. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). The business had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%. Equities analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC raised its position in shares of Bitfarms by 144.7% during the 4th quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock valued at $26,000 after buying an additional 6,510 shares during the period. US Bancorp DE purchased a new stake in Bitfarms in the third quarter valued at $34,000. Apollon Wealth Management LLC purchased a new stake in Bitfarms in the fourth quarter valued at $35,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms in the 2nd quarter valued at $43,000. Finally, Savvy Advisors Inc. purchased a new position in shares of Bitfarms during the 4th quarter worth $49,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.