Bitfarms (NASDAQ:BITF) Trading Up 3% – Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s share price rose 3% on Tuesday . The company traded as high as $2.81 and last traded at $2.75. Approximately 64,308,239 shares changed hands during trading, an increase of 44% from the average daily volume of 44,569,172 shares. The stock had previously closed at $2.67.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BITF. Northland Securities set a $7.00 target price on shares of Bitfarms in a report on Monday, October 13th. Wall Street Zen downgraded Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday. HC Wainwright reissued a “buy” rating and set a $4.00 price objective (down previously from $5.50) on shares of Bitfarms in a research note on Friday. Jones Trading began coverage on Bitfarms in a research report on Monday, July 21st. They set a “buy” rating and a $2.00 target price for the company. Finally, Cantor Fitzgerald raised their price target on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a report on Friday. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4.54.

Bitfarms Price Performance

The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.55 billion, a PE ratio of -11.96 and a beta of 3.76. The business has a fifty day moving average price of $3.57 and a 200-day moving average price of $1.96.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). The company had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. Bitfarms had a negative return on equity of 4.42% and a negative net margin of 48.26%. Research analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Institutional investors have recently made changes to their positions in the business. XTX Topco Ltd purchased a new position in Bitfarms in the 3rd quarter worth $1,025,000. Polymer Capital Management HK LTD purchased a new stake in Bitfarms during the third quarter valued at about $113,000. Prelude Capital Management LLC bought a new position in shares of Bitfarms during the third quarter valued at about $423,000. Public Employees Retirement System of Ohio increased its holdings in shares of Bitfarms by 11.4% in the third quarter. Public Employees Retirement System of Ohio now owns 197,832 shares of the company’s stock worth $559,000 after buying an additional 20,300 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Bitfarms by 1,383.1% in the 3rd quarter. Millennium Management LLC now owns 4,082,126 shares of the company’s stock valued at $11,516,000 after acquiring an additional 3,806,882 shares during the last quarter. Hedge funds and other 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.