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 $1.7050, but opened at $1.91. Bitfarms shares last traded at $1.9650, with a volume of 10,705,595 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BITF. Northland Securities set a $7.00 target price on shares of Bitfarms in a report on Monday, October 13th. Macquarie Infrastructure reissued an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Cantor Fitzgerald lifted their price objective on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. B. Riley Financial reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, January 21st. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Bitfarms presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.04.

Bitfarms Price Performance

The company has a market cap of $1.29 billion, a price-to-earnings ratio of -9.30 and a beta of 3.81. The company’s 50 day moving average price is $2.67 and its 200 day moving average price is $2.66. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). The firm had revenue of $69.25 million during the quarter, compared to analysts’ expectations of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. Equities research analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

A number of institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC raised its position in Bitfarms by 144.7% in the fourth quarter. Farther Finance Advisors LLC now owns 11,010 shares of the company’s stock worth $26,000 after acquiring an additional 6,510 shares in the last quarter. US Bancorp DE acquired a new position in shares of Bitfarms during the 3rd quarter worth $34,000. Apollon Wealth Management LLC acquired a new position in shares of Bitfarms during the 4th quarter worth $35,000. SG Americas Securities LLC purchased a new position in shares of Bitfarms in the 3rd quarter valued at about $51,000. Finally, Swiss Life Asset Management Ltd acquired a new stake in shares of Bitfarms in the third quarter valued at about $56,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.