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

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped up prior to trading on Thursday . The stock had previously closed at $2.17, but opened at $2.27. Bitfarms shares last traded at $2.14, with a volume of 11,829,994 shares traded.

Analyst Upgrades and Downgrades

BITF has been the subject of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Bitfarms presently has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The firm’s 50 day simple moving average is $2.06 and its 200 day simple moving average is $2.24. The firm has a market capitalization of $955.68 million, a price-to-earnings ratio of -5.86 and a beta of 3.64.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of the business. Barclays PLC acquired a new stake in Bitfarms during the 3rd quarter valued at approximately $161,000. Geode Capital Management LLC lifted its stake in Bitfarms by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after acquiring an additional 81,760 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Bitfarms during the 3rd quarter valued at approximately $201,000. XTX Topco Ltd acquired a new stake in Bitfarms during the 3rd quarter valued at approximately $254,000. Finally, Weiss Asset Management LP increased its holdings in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after purchasing an additional 1,004,400 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.