Bitfarms (NASDAQ:BITF) Trading Up 6.7%

Bitfarms Ltd. (NASDAQ:BITF) shares rose 6.7% during mid-day trading on Wednesday . The company traded as high as $2.01 and last traded at $2.00. Approximately 8,065,901 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 22,839,408 shares. The stock had previously closed at $1.87.

Wall Street Analysts Forecast Growth

BITF has been the topic of a number of recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, March 28th. Northland Securities assumed coverage on Bitfarms in a report on Thursday, April 25th. They set an “outperform” rating and a $4.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Tuesday, March 26th. Finally, B. Riley lowered their price target on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, May 17th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $4.00.

Bitfarms Trading Up 1.0 %

The firm has a market capitalization of $775.76 million, a price-to-earnings ratio of -5.21 and a beta of 3.65. The company has a quick ratio of 1.88, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average is $1.99 and its 200 day moving average is $2.24.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $46.24 million during the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. During the same quarter in the prior year, the firm earned ($0.07) EPS. Equities analysts forecast that Bitfarms Ltd. will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently modified their holdings of BITF. Tidal Investments LLC raised its holdings in Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after buying an additional 2,571,647 shares during the period. Bayesian Capital Management LP raised its holdings in shares of Bitfarms by 116.3% during the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock valued at $142,000 after acquiring an additional 34,200 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Bitfarms in the 1st quarter valued at approximately $1,640,000. Vident Advisory LLC lifted its position in shares of Bitfarms by 51.4% in the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock valued at $5,812,000 after acquiring an additional 885,217 shares in the last quarter. Finally, Shell Asset Management Co. acquired a new position in Bitfarms in the 1st quarter worth approximately $43,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

About Bitfarms

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.