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

Bitfarms Ltd. (NASDAQ:BITF) gapped up prior to trading on Friday . The stock had previously closed at $1.07, but opened at $1.12. Bitfarms shares last traded at $1.12, with a volume of 5,678,090 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BITF shares. Industrial Alliance Securities set a $3.25 price target on shares of Bitfarms in a research note on Thursday, March 27th. Alliance Global Partners restated a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. Four analysts have rated the stock with a buy rating, According to MarketBeat.com, Bitfarms has an average rating of “Buy” and an average price target of $4.44.

Bitfarms Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.58 and a current ratio of 2.64. The stock’s fifty day simple moving average is $0.96 and its two-hundred day simple moving average is $1.13. The company has a market capitalization of $594.88 million, a price-to-earnings ratio of -5.63 and a beta of 3.45.

Bitfarms (NASDAQ:BITF) last released its earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $66.85 million during the quarter, compared to analyst estimates of $67.17 million. Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. On average, sell-side analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently modified their holdings of BITF. National Bank of Canada FI increased its position in shares of Bitfarms by 2,629.2% in the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock worth $31,000 after acquiring an additional 19,877 shares in the last quarter. Cresset Asset Management LLC grew its position in Bitfarms by 54.6% during the 4th quarter. Cresset Asset Management LLC now owns 27,735 shares of the company’s stock worth $41,000 after purchasing an additional 9,795 shares in the last quarter. Arkadios Wealth Advisors purchased a new position in Bitfarms during the 1st quarter worth approximately $39,000. Theory Financial LLC acquired a new stake in Bitfarms during the 1st quarter valued at $48,000. Finally, Blue Rock Wealth Management LLC purchased a new stake in shares of Bitfarms in the first quarter valued at $59,000. 20.59% of the stock is owned by hedge funds and other 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.