Bitfarms (NASDAQ:BITF) Shares Up 8.1% – Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF) rose 8.1% on Thursday . The company traded as high as $2.92 and last traded at $3.0150. Approximately 10,605,526 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 35,890,785 shares. The stock had previously closed at $2.79.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BITF. HC Wainwright reissued a “buy” rating and set a $4.00 target price (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Northland Securities set a $7.00 price objective on shares of Bitfarms in a report on Monday, October 13th. Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Compass Point began coverage on Bitfarms in a research report on Monday, September 15th. They set a “buy” rating on the stock. Finally, Cantor Fitzgerald raised their price target on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $4.25.

Bitfarms Price Performance

The stock has a market capitalization of $1.77 billion, a P/E ratio of -12.80 and a beta of 3.81. The company has a 50 day moving average of $2.94 and a 200-day moving average of $2.41. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last issued 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). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. The company had revenue of $69.25 million for the quarter, compared to analysts’ expectations of $84.66 million. Sell-side analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Trading of Bitfarms

Several hedge funds have recently made changes to their positions in BITF. Western Wealth Management LLC increased its position in Bitfarms by 12.8% in the third quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock worth $75,000 after buying an additional 3,024 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Bitfarms by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 287,566 shares of the company’s stock worth $811,000 after acquiring an additional 9,713 shares during the period. Vanguard Personalized Indexing Management LLC lifted its position in Bitfarms by 36.9% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock valued at $111,000 after purchasing an additional 10,619 shares during the last quarter. Cetera Investment Advisers lifted its position in Bitfarms by 1.4% in the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock valued at $664,000 after purchasing an additional 10,622 shares during the last quarter. Finally, US Bancorp DE acquired a new position in Bitfarms during the 3rd quarter valued at about $34,000. Institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

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.