Bitfarms (NASDAQ:BITF) Sees Large Volume Increase – What’s Next?

Shares of Bitfarms Ltd. (NASDAQ:BITF) saw unusually-high trading volume on Friday . Approximately 83,003,348 shares traded hands during mid-day trading, an increase of 110% from the previous session’s volume of 39,498,141 shares.The stock last traded at $4.75 and had previously closed at $5.28.

Wall Street Analyst Weigh In

BITF has been the subject of several analyst reports. Macquarie restated an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Compass Point initiated coverage on Bitfarms in a research note on Monday, September 15th. They issued a “buy” rating for the company. Jones Trading initiated coverage on Bitfarms in a research note on Monday, July 21st. They issued a “buy” rating and a $2.00 target price for the company. Wall Street Zen upgraded Bitfarms from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $4.35.

Bitfarms Trading Down 5.1%

The stock has a market cap of $2.82 billion, a PE ratio of -29.47 and a beta of 3.73. 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 has a fifty day simple moving average of $2.50 and a two-hundred day simple moving average of $1.51.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The firm had revenue of $77.80 million for the quarter, compared to analysts’ expectations of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. As a group, equities analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Large investors have recently modified their holdings of the company. Arkadios Wealth Advisors purchased a new position in shares of Bitfarms during the 1st quarter valued at about $39,000. Archford Capital Strategies LLC purchased a new position in shares of Bitfarms during the 3rd quarter valued at about $141,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms during the 2nd quarter valued at about $43,000. Baker Avenue Asset Management LP purchased a new position in shares of Bitfarms during the 2nd quarter valued at about $50,000. Finally, Theory Financial LLC purchased a new position in shares of Bitfarms during the 1st quarter valued at about $48,000. 20.59% of the stock is owned by hedge funds and other 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.