Bitfarms (NASDAQ:BITF) Shares Up 17.4% – Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF) rose 17.4% during mid-day trading on Wednesday . The stock traded as high as $2.17 and last traded at $2.13. Approximately 35,218,985 shares changed hands during trading, an increase of 57% from the average daily volume of 22,426,070 shares. The stock had previously closed at $1.81.

Wall Street Analyst Weigh In

BITF has been the subject of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Monday, September 23rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Stock Up 17.7 %

The firm’s fifty day simple moving average is $2.00 and its two-hundred day simple moving average is $2.22. The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $964.51 million, a price-to-earnings ratio of -6.07 and a beta of 3.64.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The company had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. Sell-side analysts anticipate that Bitfarms Ltd. will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

A number of large investors have recently modified their holdings of BITF. VitalStone Financial LLC purchased a new position in shares of Bitfarms in the 1st quarter valued at $37,000. Lifeworks Advisors LLC acquired a new stake in shares of Bitfarms in the 3rd quarter worth $37,000. WINTON GROUP Ltd acquired a new stake in shares of Bitfarms in the 2nd quarter worth $38,000. Shell Asset Management Co. acquired a new stake in shares of Bitfarms in the 1st quarter worth $43,000. Finally, HBW Advisory Services LLC acquired a new stake in shares of Bitfarms in the third quarter valued at about $63,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.