Bitfarms Ltd. (NASDAQ:BITF – Get Free Report)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $1.71, but opened at $1.75. Bitfarms shares last traded at $1.75, with a volume of 2,422,339 shares.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, March 28th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Tuesday, March 26th.
View Our Latest Analysis on Bitfarms
Bitfarms Stock Performance
Bitfarms (NASDAQ:BITF – Get Free Report) last announced its quarterly 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. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The firm had revenue of $46.24 million during the quarter, compared to analysts’ expectations of $39.68 million. During the same quarter in the prior year, the company earned ($0.07) EPS. On average, research analysts predict that Bitfarms Ltd. will post -0.1 earnings per share for the current year.
Institutional Investors Weigh In On Bitfarms
Hedge funds and other institutional investors have recently bought and sold shares of the company. Portside Wealth Group LLC purchased a new stake in Bitfarms during the second quarter valued at approximately $25,000. Capital Performance Advisors LLP purchased a new position in shares of Bitfarms in the fourth quarter worth $29,000. Creative Planning purchased a new position in shares of Bitfarms in the fourth quarter worth $33,000. Pasadena Private Wealth LLC purchased a new position in shares of Bitfarms in the fourth quarter worth $34,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Bitfarms in the fourth quarter worth $34,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.
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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