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

Bitfarms Ltd. (NASDAQ:BITF) gapped up before the market opened 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.

Analysts Set New Price Targets

A number of analysts recently commented on BITF shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. Compass Point began coverage on shares of Bitfarms in a research note on Monday, September 15th. They issued a “buy” rating on the stock. Cantor Fitzgerald raised their price objective on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price (down from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Finally, Northland Securities set a $7.00 price target on shares of Bitfarms in a research note on Monday, October 13th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4.25.

Bitfarms Stock Up 9.3%

The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $1.65 billion, a PE ratio of -12.02 and a beta of 3.78. The company’s 50-day moving average is $3.53 and its 200 day moving average is $2.26.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, hitting the consensus estimate of ($0.02). The company had revenue of $69.25 million for 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%. As a group, analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company’s stock worth $3,002,000 after purchasing an additional 1,306,212 shares during the period. Swiss National Bank boosted its stake in shares of Bitfarms by 27.1% in the 1st quarter. Swiss National Bank now owns 897,000 shares of the company’s stock valued at $705,000 after buying an additional 191,200 shares during the period. Continental General Insurance Co. acquired a new position in shares of Bitfarms during the first quarter worth about $2,124,000. Vident Advisory LLC increased its stake in shares of Bitfarms by 10.4% during the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company’s stock worth $5,279,000 after buying an additional 628,603 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Bitfarms by 28.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company’s stock worth $4,316,000 after buying an additional 1,223,201 shares during the period. Institutional investors and hedge funds 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.