Bitfarms (NASDAQ:BITF) Stock Price Up 10.8% – Here’s Why

Bitfarms Ltd. (NASDAQ:BITF) shares rose 10.8% on Friday . The stock traded as high as $4.77 and last traded at $4.61. Approximately 100,061,610 shares changed hands during mid-day trading, an increase of 139% from the average daily volume of 41,921,941 shares. The stock had previously closed at $4.16.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BITF shares. Northland Securities set a $7.00 target price on Bitfarms in a report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Friday. Jones Trading began coverage on Bitfarms in a report on Monday, July 21st. They set a “buy” rating and a $2.00 price objective for the company. Wall Street Zen raised Bitfarms from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Finally, Compass Point began coverage on Bitfarms in a report on Monday, September 15th. They set a “buy” rating for the company. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $4.35.

Bitfarms Stock Up 10.8%

The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The company has a 50-day simple moving average of $2.81 and a two-hundred day simple moving average of $1.64. The stock has a market cap of $2.59 billion, a P/E ratio of -27.12 and a beta of 3.73.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The company had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. On average, equities analysts forecast 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 added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Bitfarms in the third quarter worth $51,000. Arkadios Wealth Advisors purchased a new stake in shares of Bitfarms in the first quarter worth $39,000. Archford Capital Strategies LLC purchased a new stake in shares of Bitfarms in the third quarter worth $141,000. WINTON GROUP Ltd purchased a new stake in shares of Bitfarms in the second quarter worth $43,000. Finally, Baker Avenue Asset Management LP purchased a new stake in shares of Bitfarms in the second quarter worth $50,000. 20.59% of the stock is 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.