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

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $0.86, but opened at $0.90. Bitfarms shares last traded at $0.90, with a volume of 1,023,384 shares changing hands.

Analyst Ratings Changes

BITF has been the subject of a number of recent analyst reports. HC Wainwright reissued a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. Industrial Alliance Securities set a $3.25 target price on shares of Bitfarms in a research report on Thursday, March 27th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $4.44.

Bitfarms Price Performance

The stock has a market capitalization of $496.67 million, a P/E ratio of -2.49 and a beta of 3.54. The business has a fifty day simple moving average of $0.95 and a 200-day simple moving average of $1.32. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.04). The firm had revenue of $66.85 million for the quarter, compared to analysts’ expectations of $67.17 million. Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. Sell-side analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of BITF. MMCAP International Inc. SPC boosted its holdings in shares of Bitfarms by 617.9% during the 4th quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company’s stock worth $19,896,000 after buying an additional 11,492,650 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Bitfarms by 106.6% in the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock worth $18,705,000 after purchasing an additional 6,477,985 shares in the last quarter. Vident Advisory LLC lifted its holdings in shares of Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock worth $9,016,000 after purchasing an additional 2,828,703 shares in the last quarter. Continental General Insurance Co. bought a new position in shares of Bitfarms in the 1st quarter worth $2,124,000. Finally, Paloma Partners Management Co lifted its holdings in shares of Bitfarms by 620.8% in the 4th quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company’s stock worth $2,685,000 after purchasing an additional 1,551,900 shares in the last quarter. 20.59% of the stock is currently owned by 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.