Bitfarms (NASDAQ:BITF) Shares Gap Up to $2.57

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $2.57, but opened at $2.68. Bitfarms shares last traded at $2.64, with a volume of 2,075,937 shares trading hands.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Cantor Fitzgerald initiated coverage on shares of Bitfarms in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 target price on the stock. Stifel Nicolaus downgraded Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their price objective for the stock from $3.25 to $2.30 in a research report on Thursday, May 30th. HC Wainwright reissued a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Monday, June 17th. Northland Securities initiated coverage on Bitfarms in a research note on Thursday, April 25th. They issued an “outperform” rating and a $4.00 target price on the stock. Finally, B. Riley lowered their price target on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, May 17th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.88.

Bitfarms Stock Up 1.2 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. The firm’s 50-day moving average is $2.22 and its 200-day moving average is $2.44.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The firm had revenue of $50.32 million during the quarter, compared to analysts’ expectations of $50.51 million. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. Sell-side analysts predict that Bitfarms Ltd. will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Capital Performance Advisors LLP purchased a new stake in shares of Bitfarms in the 4th quarter valued at $29,000. Pasadena Private Wealth LLC purchased a new stake in Bitfarms during the fourth quarter valued at about $34,000. VitalStone Financial LLC bought a new position in shares of Bitfarms during the first quarter valued at about $37,000. Shell Asset Management Co. purchased a new position in shares of Bitfarms in the first quarter worth about $43,000. Finally, Sloy Dahl & Holst LLC bought a new stake in shares of Bitfarms in the 4th quarter valued at about $44,000. 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.