Bitfarms (NASDAQ:BITF) Shares Gap Up – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF)’s share price 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.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.00 price objective (up from $2.50) on shares of Bitfarms in a report on Tuesday, January 27th. B. Riley reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, January 21st. HC Wainwright reissued a “buy” rating and issued a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Finally, Macquarie restated an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $4.04.

Bitfarms Stock Performance

The stock has a 50-day moving average price of $2.69 and a 200 day moving average price of $2.64. The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -9.24 and a beta of 3.81.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BITF. Farther Finance Advisors LLC raised its position in shares of Bitfarms by 144.7% during the 4th 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 stake in Bitfarms during the third quarter worth approximately $34,000. Apollon Wealth Management LLC purchased a new stake in shares of Bitfarms during the 4th quarter worth approximately $35,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms in the 2nd quarter valued at $43,000. Finally, Savvy Advisors Inc. purchased a new position in shares of Bitfarms in the 4th quarter valued at $49,000. 20.59% of the stock is owned by institutional investors and hedge funds.

About Bitfarms

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.