Bitfarms Ltd. (NASDAQ:BITF – Get Free Report)’s share price was up 7.1% during mid-day trading on Monday . The company traded as high as $1.96 and last traded at $1.95. Approximately 5,232,600 shares traded hands during trading, a decline of 78% from the average daily volume of 23,891,049 shares. The stock had previously closed at $1.82.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on BITF. Cantor Fitzgerald reiterated an “overweight” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, March 28th. Northland Securities assumed coverage on shares of Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research report on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $4.20.
Read Our Latest Report on BITF
Bitfarms Trading Down 1.6 %
Bitfarms (NASDAQ:BITF – Get Free Report) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $46.24 million for 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 last year, the business earned ($0.07) EPS. Equities analysts expect that Bitfarms Ltd. will post -0.09 EPS for the current fiscal year.
Hedge Funds Weigh In On Bitfarms
Institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP bought a new stake in Bitfarms during the fourth quarter worth about $29,000. Pasadena Private Wealth LLC bought a new stake in shares of Bitfarms in the 4th quarter worth approximately $34,000. VitalStone Financial LLC bought a new position in Bitfarms in the 1st quarter valued at approximately $37,000. Sloy Dahl & Holst LLC bought a new position in Bitfarms in the 4th quarter valued at approximately $44,000. Finally, DMC Group LLC bought a new position in Bitfarms in the 4th quarter valued at approximately $47,000. 20.59% of the stock is owned by institutional investors.
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.
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