Bitfarms (NASDAQ:BITF) Shares Up 7.1%

Bitfarms Ltd. (NASDAQ:BITF) shares were up 7.1% on Monday . The stock traded as high as $1.96 and last traded at $1.95. Approximately 5,232,600 shares were traded during trading, a decline of 78% from the average daily volume of 23,891,049 shares. The stock had previously closed at $1.82.

Analysts Set New Price Targets

Several research firms have commented on BITF. HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a report on Tuesday, March 26th. Cantor Fitzgerald restated an “overweight” rating and set a $4.00 target price on shares of Bitfarms in a research note on Thursday, March 28th. Finally, Northland Securities began coverage on Bitfarms in a research note on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $4.20.

Bitfarms Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.88 and a current ratio of 1.88. The firm has a market cap of $684.08 million, a P/E ratio of -5.19 and a beta of 3.65. The company’s 50 day moving average is $2.24 and its 200 day moving average is $2.19.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results 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 analysts’ expectations of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period in the prior year, the company earned ($0.07) EPS. As a group, equities analysts predict that Bitfarms Ltd. will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

A number of hedge funds have recently made changes to their positions in BITF. Invesco Ltd. increased its stake in shares of Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after buying an additional 3,667,681 shares during the period. Quadrature Capital Ltd increased its position in Bitfarms by 745.2% in the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after acquiring an additional 902,708 shares during the period. Shariaportfolio Inc. bought a new position in shares of Bitfarms during the fourth quarter valued at $2,051,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Bitfarms by 27.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after purchasing an additional 677,799 shares during the period. Finally, Van ECK Associates Corp grew its stake in shares of Bitfarms by 16.7% in the fourth quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock worth $12,163,000 after purchasing an additional 599,506 shares during the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

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.