Bitfarms (NASDAQ:BITF) Trading Up 3.4% – Time to Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price was up 3.4% during trading on Monday . The stock traded as high as $2.63 and last traded at $2.5650. Approximately 7,801,882 shares were traded during trading, a decline of 83% from the average daily volume of 45,453,332 shares. The stock had previously closed at $2.48.

Wall Street Analyst Weigh In

BITF has been the topic of a number of research reports. Wall Street Zen lowered shares of Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Compass Point initiated coverage on Bitfarms in a research report on Monday, September 15th. They issued a “buy” rating on the stock. B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Finally, Cantor Fitzgerald boosted their target price on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $4.25.

Bitfarms Trading Up 1.0%

The company has a market capitalization of $1.50 billion, a PE ratio of -10.89 and a beta of 3.78. The company has a fifty day simple moving average of $3.23 and a 200-day simple moving average of $2.32. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last released its quarterly 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. Analysts predict 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 made changes to their positions in the stock. US Bancorp DE purchased a new position in Bitfarms in the third quarter valued at $34,000. SG Americas Securities LLC acquired a new position in shares of Bitfarms during the 3rd quarter worth about $51,000. Swiss Life Asset Management Ltd purchased a new position in shares of Bitfarms in the 3rd quarter valued at about $56,000. Weaver Consulting Group acquired a new stake in shares of Bitfarms during the 3rd quarter worth about $57,000. Finally, PFG Investments LLC purchased a new stake in Bitfarms during the third quarter worth approximately $71,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.