Bitfarms Ltd. (NASDAQ:BITF – Get Free Report) shares rose 8.4% on Thursday . The company traded as high as $1.95 and last traded at $1.94. Approximately 10,430,317 shares changed hands during trading, a decline of 58% from the average daily volume of 25,010,787 shares. The stock had previously closed at $1.79.
Analyst Upgrades and Downgrades
A number of analysts have commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Tuesday, March 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th.
View Our Latest Research Report on Bitfarms
Bitfarms Trading Up 5.9 %
Bitfarms (NASDAQ:BITF – Get Free Report) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same quarter in the prior year, the company posted ($0.07) EPS. Research analysts anticipate that Bitfarms Ltd. will post -0.1 earnings per share for the current fiscal year.
Institutional Trading of Bitfarms
Hedge funds and other institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP acquired a new position in Bitfarms in the fourth quarter valued at about $29,000. Creative Planning acquired a new stake in shares of Bitfarms during the fourth quarter valued at about $33,000. Kestra Advisory Services LLC purchased a new stake in shares of Bitfarms in the 4th quarter valued at approximately $34,000. Pasadena Private Wealth LLC acquired a new position in shares of Bitfarms in the 4th quarter worth approximately $34,000. Finally, Vontobel Holding Ltd. purchased a new position in shares of Bitfarms during the 1st quarter worth approximately $51,000. 20.59% of the stock is 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.
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