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

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped up prior to trading on Friday . The stock had previously closed at $1.75, but opened at $1.79. Bitfarms shares last traded at $1.79, with a volume of 630,148 shares.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Stock Performance

The firm has a market capitalization of $838.94 million, a PE ratio of -5.29 and a beta of 3.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. The business’s fifty day simple moving average is $2.09 and its 200-day simple moving average is $2.22.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The firm had revenue of $41.55 million during 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%. As a group, equities research analysts expect that Bitfarms Ltd. will post -0.29 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Large investors have recently made changes to their positions in the company. Vima LLC purchased a new position in Bitfarms during the 4th quarter valued at approximately $91,000. Evanson Asset Management LLC increased its position in Bitfarms by 58.1% in the first quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after purchasing an additional 10,457 shares during the last quarter. CCG Wealth Management LLC purchased a new stake in Bitfarms during the first quarter valued at $50,000. VitalStone Financial LLC bought a new position in Bitfarms during the first quarter valued at $37,000. Finally, Swiss National Bank purchased a new position in shares of Bitfarms in the 1st quarter worth $1,426,000. 20.59% of the stock is owned by institutional investors.

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.