Bitfarms (NASDAQ:BITF) Trading Up 14.8% – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF)’s share price was up 14.8% during trading on Monday . The company traded as high as $2.80 and last traded at $2.79. Approximately 48,105,248 shares traded hands during trading, an increase of 7% from the average daily volume of 44,972,133 shares. The stock had previously closed at $2.43.

Analysts Set New Price Targets

BITF has been the subject of several research analyst reports. Cantor Fitzgerald lifted their target price on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. B. Riley reiterated a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Macquarie restated an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Northland Securities set a $7.00 target price on Bitfarms in a research report on Monday, October 13th. Finally, Compass Point assumed coverage on Bitfarms in a report on Monday, September 15th. They set a “buy” rating for the company. Eight investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.54.

Bitfarms Trading Up 11.9%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of -13.48 and a beta of 3.77. The firm has a fifty day moving average price of $3.63 and a 200-day moving average price of $2.03.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. The firm had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. As a group, equities analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. boosted its stake in shares of Bitfarms by 8.6% in the 3rd quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock valued at $40,533,000 after purchasing an additional 1,138,549 shares in the last quarter. Vident Advisory LLC boosted its position in Bitfarms by 70.0% in the second quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock valued at $9,538,000 after buying an additional 4,677,425 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Bitfarms by 36.8% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,060,389 shares of the company’s stock valued at $19,941,000 after buying an additional 1,898,490 shares in the last quarter. Thames Capital Management LLC bought a new stake in shares of Bitfarms during the third quarter worth $19,834,000. Finally, Aurelius Capital Management LP acquired a new position in shares of Bitfarms during the third quarter worth $18,999,000. Institutional investors 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.