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

Bitfarms Ltd. (NASDAQ:BITF) gapped up before the market opened on Friday . The stock had previously closed at $3.10, but opened at $3.38. Bitfarms shares last traded at $3.4850, with a volume of 37,900,263 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BITF shares. HC Wainwright reissued a “buy” rating and issued a $4.00 target price (down from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. Cantor Fitzgerald raised their target price on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, B. Riley restated a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Eight equities research 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, Bitfarms has an average rating of “Moderate Buy” and an average price target of $4.54.

Bitfarms Price Performance

The stock has a 50-day simple moving average of $3.63 and a 200 day simple moving average of $2.04. The company has a market cap of $1.95 billion, a PE ratio of -15.11 and a beta of 3.77. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11.

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

Institutional Investors Weigh In On Bitfarms

Institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd boosted its position in shares of Bitfarms by 5,321,100.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 53,212 shares of the company’s stock worth $150,000 after purchasing an additional 53,211 shares during the period. XTX Topco Ltd acquired a new position in Bitfarms during the third quarter worth $1,025,000. Polymer Capital Management HK LTD purchased a new position in shares of Bitfarms during the third quarter worth $113,000. Prelude Capital Management LLC acquired a new stake in shares of Bitfarms in the third quarter valued at $423,000. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of Bitfarms by 11.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 197,832 shares of the company’s stock valued at $559,000 after buying an additional 20,300 shares during the period. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.