Bitfarms (NASDAQ:BITF) Shares Gap Up – Time to Buy?

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped up prior to trading on Tuesday . The stock had previously closed at $1.54, but opened at $1.59. Bitfarms shares last traded at $1.57, with a volume of 8,255,128 shares trading hands.

Analysts Set New Price Targets

BITF has been the subject of a number of recent research reports. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Alliance Global Partners started coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Stock Up 0.3 %

The firm has a market capitalization of $699.78 million, a price-to-earnings ratio of -4.29 and a beta of 3.59. The business has a 50 day simple moving average of $2.03 and a 200-day simple moving average of $2.22. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Institutional Trading of Bitfarms

A number of large investors have recently modified their holdings of the stock. 272 Capital LP acquired a new stake in Bitfarms in the third quarter valued at $222,000. Barclays PLC acquired a new stake in shares of Bitfarms in the 3rd quarter valued at approximately $161,000. Geode Capital Management LLC increased its holdings in shares of Bitfarms by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after purchasing an additional 81,760 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Bitfarms in the 3rd quarter worth approximately $201,000. Finally, XTX Topco Ltd purchased a new position in shares of Bitfarms in the third quarter valued at $254,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.