Bitfarms (NASDAQ:BITF) Trading 2.7% Higher – Time to Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s share price shot up 2.7% on Friday . The company traded as high as $3.15 and last traded at $3.01. 64,330,220 shares traded hands during mid-day trading, an increase of 91% from the average session volume of 33,620,379 shares. The stock had previously closed at $2.93.

Analyst Ratings Changes

A number of research firms have commented on BITF. Jones Trading began coverage on shares of Bitfarms in a report on Monday, July 21st. They set a “buy” rating and a $2.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Saturday, September 27th. Wall Street Zen raised shares of Bitfarms from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Finally, Compass Point began coverage on shares of Bitfarms in a report on Monday, September 15th. They set a “buy” rating for the company. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.69.

Bitfarms Stock Up 2.7%

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 firm’s 50 day simple moving average is $1.80 and its 200-day simple moving average is $1.25. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -17.70 and a beta of 3.73.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The business had revenue of $77.80 million during the quarter, compared to analyst estimates of $79.78 million. Equities analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. Arkadios Wealth Advisors acquired a new stake in Bitfarms in the 1st quarter valued at $39,000. WINTON GROUP Ltd bought a new stake in shares of Bitfarms in the 2nd quarter valued at about $43,000. Theory Financial LLC bought a new stake in shares of Bitfarms in the 1st quarter valued at about $48,000. Baker Avenue Asset Management LP bought a new stake in shares of Bitfarms in the 2nd quarter valued at about $50,000. Finally, Blue Rock Wealth Management LLC bought a new stake in shares of Bitfarms in the 1st quarter valued at about $59,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.