Shares of Bitfarms Ltd. (NASDAQ:BITF – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $1.75, but opened at $1.79. Bitfarms shares last traded at $1.79, with a volume of 630,148 shares.
Analyst Ratings Changes
BITF has been the subject of a number of recent research reports. HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.66.
Read Our Latest Analysis on BITF
Bitfarms Trading Up 3.7 %
Bitfarms (NASDAQ:BITF – Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The firm had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. Equities analysts forecast that Bitfarms Ltd. will post -0.29 earnings per share for the current year.
Institutional Trading of Bitfarms
A number of institutional investors and hedge funds have recently modified their holdings of BITF. Evanson Asset Management LLC increased its position in shares of Bitfarms by 58.1% in the first quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after purchasing an additional 10,457 shares during the last quarter. WINTON GROUP Ltd purchased a new position in Bitfarms during the second quarter valued at $38,000. VitalStone Financial LLC bought a new stake in shares of Bitfarms in the 1st quarter worth approximately $37,000. Shell Asset Management Co. bought a new stake in Bitfarms during the 1st quarter valued at about $43,000. Finally, CCG Wealth Management LLC bought a new stake in shares of Bitfarms during the first quarter valued at approximately $50,000. 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.
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