Bitfarms Ltd. (NASDAQ:BITF – Get Free Report) shares rose 4.6% during trading on Thursday . The company traded as high as $2.28 and last traded at $2.26. Approximately 4,268,359 shares were traded during trading, a decline of 84% from the average daily volume of 26,443,670 shares. The stock had previously closed at $2.16.
Analyst Upgrades and Downgrades
Several analysts have recently commented on BITF shares. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Tuesday. B. Riley reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, December 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $4.25.
Get Our Latest Stock Report on Bitfarms
Bitfarms Price Performance
Bitfarms (NASDAQ:BITF – Get Free Report) last released its earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. The firm had revenue of $46.24 million for the quarter, compared to the consensus estimate 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 in the prior year, the business posted ($0.07) earnings per share. As a group, research analysts anticipate that Bitfarms Ltd. will post -0.17 earnings per share for the current year.
Institutional Investors Weigh In On Bitfarms
Hedge funds have recently modified their holdings of the stock. Portside Wealth Group LLC purchased a new position in Bitfarms during the second quarter worth approximately $25,000. Capital Performance Advisors LLP acquired a new position in shares of Bitfarms during the 4th quarter valued at $29,000. Creative Planning acquired a new position in shares of Bitfarms during the 4th quarter valued at $33,000. Pasadena Private Wealth LLC purchased a new stake in Bitfarms during the 4th quarter worth $34,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Bitfarms during the fourth quarter worth about $34,000. 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.
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