Bitfarms (NASDAQ:BITF) Shares Gap Up to $1.96

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $1.96, but opened at $2.07. Bitfarms shares last traded at $2.06, with a volume of 1,267,823 shares.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Tuesday, September 3rd. Stifel Nicolaus cut Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their price objective for the stock from $3.25 to $2.30 in a research note on Thursday, May 30th. Finally, HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Thursday, August 22nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Stock Up 6.1 %

The stock’s fifty day moving average price is $2.32 and its 200-day moving average price is $2.27. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $851.36 million, a price-to-earnings ratio of -5.47 and a beta of 3.64.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. The firm had revenue of $41.55 million for the quarter, compared to analyst estimates of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. On average, sell-side analysts predict that Bitfarms Ltd. will post -0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. WINTON GROUP Ltd bought a new stake in Bitfarms during the second quarter worth $38,000. VitalStone Financial LLC acquired a new stake in Bitfarms in the 1st quarter valued at about $37,000. Shell Asset Management Co. bought a new position in Bitfarms during the first quarter worth about $43,000. CCG Wealth Management LLC acquired a new position in Bitfarms during the first quarter worth approximately $50,000. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Bitfarms by 39.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company’s stock valued at $70,000 after buying an additional 6,837 shares during the period. Institutional investors own 20.59% of the company’s stock.

About Bitfarms

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.