Bitfarms (NASDAQ:BITF) Trading Up 7% – Here’s What Happened
by Renee Jackson · The Cerbat GemShares of Bitfarms Ltd. (NASDAQ:BITF – Get Free Report) rose 7% on Friday . The company traded as high as $2.86 and last traded at $2.8450. Approximately 18,600,544 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 41,898,723 shares. The stock had previously closed at $2.66.
Analyst Ratings Changes
A number of equities research analysts recently commented on BITF shares. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. HC Wainwright restated a “buy” rating and set a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday. Northland Securities set a $7.00 price target on shares of Bitfarms in a research report on Monday, October 13th. Finally, Macquarie reissued an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Bitfarms currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.25.
Get Our Latest Stock Report on Bitfarms
Bitfarms Stock Performance
The stock has a market cap of $1.63 billion, a P/E ratio of -11.85 and a beta of 3.81. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The stock’s 50 day simple moving average is $2.77 and its two-hundred day simple moving average is $2.55.
Bitfarms (NASDAQ:BITF – Get Free Report) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). The business had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. As a group, research analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current year.
Institutional Trading of Bitfarms
A number of institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC bought a new position in shares of Bitfarms during the second quarter worth about $211,000. Public Employees Retirement System of Ohio boosted its position in Bitfarms by 41.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 177,532 shares of the company’s stock worth $147,000 after acquiring an additional 52,044 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Bitfarms by 34.4% during the 2nd quarter. TD Asset Management Inc now owns 538,314 shares of the company’s stock worth $446,000 after acquiring an additional 137,782 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new stake in shares of Bitfarms in the second quarter valued at approximately $161,000. Finally, Harvest Portfolios Group Inc. lifted its position in shares of Bitfarms by 40.6% in the second quarter. Harvest Portfolios Group Inc. now owns 146,203 shares of the company’s stock worth $121,000 after purchasing an additional 42,240 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors.
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.