Bitfarms (NASDAQ:BITF) Shares Gap Up – Here’s What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped up prior to trading on Monday . The stock had previously closed at $2.53, but opened at $2.73. Bitfarms shares last traded at $2.7450, with a volume of 9,576,268 shares trading hands.

Analyst Ratings Changes

BITF has been the topic of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. Northland Securities set a $7.00 price objective on Bitfarms in a research note on Monday, October 13th. B. Riley reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Cantor Fitzgerald boosted their target price on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Finally, Macquarie reiterated an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.25.

Bitfarms Stock Up 0.9%

The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $1.60 billion, a P/E ratio of -11.63 and a beta of 3.78. The firm has a fifty day simple moving average of $3.41 and a 200-day simple moving average of $2.29.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). The business had revenue of $69.25 million during the quarter, compared to analysts’ expectations of $84.66 million. Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%. On average, equities research analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Large investors have recently added to or reduced their stakes in the company. US Bancorp DE acquired a new stake in Bitfarms in the 3rd quarter valued at approximately $34,000. SG Americas Securities LLC acquired a new stake in shares of Bitfarms in the third quarter valued at approximately $51,000. Swiss Life Asset Management Ltd acquired a new stake in shares of Bitfarms in the third quarter valued at about $56,000. Weaver Consulting Group bought a new stake in Bitfarms in the third quarter valued at approximately $57,000. Finally, PFG Investments LLC acquired a new stake in shares of Bitfarms in the third quarter valued at approximately $71,000. Institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.