Bitfarms (NASDAQ:BITF) Shares Up 8.4%

Shares of Bitfarms Ltd. (NASDAQ:BITF) shot up 8.4% on Thursday . The company traded as high as $1.95 and last traded at $1.94. 10,430,317 shares were traded during trading, a decline of 58% from the average session volume of 25,010,787 shares. The stock had previously closed at $1.79.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BITF. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, March 28th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Tuesday, March 26th.

Bitfarms Trading Up 1.6 %

The business’s 50-day moving average price is $2.52 and its 200 day moving average price is $2.11. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market capitalization of $684.08 million, a price-to-earnings ratio of -5.19 and a beta of 3.62.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The business had revenue of $46.24 million for the quarter, compared to analysts’ expectations of $39.68 million. During the same period in the previous year, the company posted ($0.07) earnings per share. On average, equities analysts forecast that Bitfarms Ltd. will post -0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Citigroup Inc. increased its stake in shares of Bitfarms by 21.9% in the first quarter. Citigroup Inc. now owns 78,238 shares of the company’s stock worth $295,000 after buying an additional 14,045 shares during the last quarter. Vontobel Holding Ltd. bought a new stake in shares of Bitfarms in the first quarter worth $51,000. XTX Topco Ltd bought a new stake in shares of Bitfarms in the first quarter worth $57,000. Invesco Ltd. increased its stake in shares of Bitfarms by 56.1% in the first quarter. Invesco Ltd. now owns 13,039,797 shares of the company’s stock worth $48,900,000 after buying an additional 4,687,086 shares during the last quarter. Finally, Vident Investment Advisory LLC increased its stake in shares of Bitfarms by 130.9% in the first quarter. Vident Investment Advisory LLC now owns 598,085 shares of the company’s stock worth $2,248,000 after buying an additional 339,009 shares during the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Company Profile

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.