Bitfarms (NASDAQ:BITF) Shares Gap Up – Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF) gapped up prior to trading on Friday . The stock had previously closed at $3.10, but opened at $3.38. Bitfarms shares last traded at $3.4850, with a volume of 37,900,263 shares trading hands.

Analyst Upgrades and Downgrades

BITF has been the subject of a number of research reports. B. Riley restated a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. HC Wainwright reissued a “buy” rating and set a $4.00 price objective (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Northland Securities set a $7.00 target price on shares of Bitfarms in a report on Monday, October 13th. Cantor Fitzgerald lifted their price target on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Finally, Compass Point initiated coverage on shares of Bitfarms in a research report on Monday, September 15th. They issued a “buy” rating on the stock. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Bitfarms has a consensus rating of “Moderate Buy” and an average target price of $4.54.

Bitfarms Stock Performance

The firm has a 50 day moving average of $3.63 and a two-hundred day moving average of $2.04. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The stock has a market cap of $1.95 billion, a PE ratio of -15.11 and a beta of 3.77.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The company had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. Research analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft raised its position in Bitfarms by 390.4% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 143,505 shares of the company’s stock valued at $121,000 after purchasing an additional 114,245 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Bitfarms by 28.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company’s stock worth $4,316,000 after purchasing an additional 1,223,201 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Bitfarms by 108.5% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company’s stock valued at $233,000 after purchasing an additional 144,593 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company’s stock valued at $3,002,000 after buying an additional 1,306,212 shares during the last quarter. Finally, Vident Advisory LLC boosted its stake in shares of Bitfarms by 10.4% during the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company’s stock worth $5,279,000 after buying an additional 628,603 shares during the period. Hedge funds and other institutional investors own 20.59% of the company’s stock.

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.