Bitfarms (NASDAQ:BITF) Shares Gap Up – Should You Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $3.97, but opened at $4.22. Bitfarms shares last traded at $4.1860, with a volume of 41,433,740 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BITF shares. B. Riley restated a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. HC Wainwright reissued a “buy” rating and issued a $5.50 price objective on shares of Bitfarms in a research report on Wednesday, October 29th. Wall Street Zen raised Bitfarms from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Jones Trading began coverage on Bitfarms in a research report on Monday, July 21st. They issued a “buy” rating and a $2.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and an average target price of $4.75.

Bitfarms Stock Performance

The stock has a 50 day moving average price of $3.11 and a two-hundred day moving average price of $1.77. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -23.68 and a beta of 3.76.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The firm had revenue of $77.80 million during the quarter, compared to analyst estimates of $79.78 million. Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. On average, analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Trium Capital LLP acquired a new stake in shares of Bitfarms in the 1st quarter valued at approximately $609,000. SBI Securities Co. Ltd. raised its holdings in Bitfarms by 69.9% during the first quarter. SBI Securities Co. Ltd. now owns 148,456 shares of the company’s stock worth $117,000 after acquiring an additional 61,085 shares in the last quarter. Theory Financial LLC acquired a new stake in shares of Bitfarms in the 1st quarter valued at approximately $48,000. Private Advisor Group LLC boosted its holdings in shares of Bitfarms by 26.2% in the 1st quarter. Private Advisor Group LLC now owns 178,100 shares of the company’s stock valued at $140,000 after buying an additional 37,000 shares during the last quarter. Finally, TD Asset Management Inc boosted its holdings in shares of Bitfarms by 5.0% in the 1st quarter. TD Asset Management Inc now owns 400,532 shares of the company’s stock valued at $314,000 after buying an additional 19,089 shares during the last quarter. 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.