Bitfarms (NASDAQ:BITF) Shares Gap Up to $2.69

Bitfarms Ltd. (NASDAQ:BITF) gapped up before the market opened on Monday . The stock had previously closed at $2.69, but opened at $2.78. Bitfarms shares last traded at $2.78, with a volume of 1,719,775 shares.

Analyst Ratings Changes

BITF has been the topic of several recent analyst reports. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, July 18th. Cantor Fitzgerald started coverage on Bitfarms in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price objective on the stock. B. Riley decreased their target price on Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Friday, May 17th. Northland Securities initiated coverage on Bitfarms in a research note on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target on the stock. Finally, Stifel Nicolaus cut Bitfarms from a “speculative buy” rating to a “hold” rating and cut their price target for the stock from $3.25 to $2.30 in a report on Thursday, May 30th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bitfarms has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Bitfarms Price Performance

The business has a 50-day moving average of $2.55 and a 200 day moving average of $2.40. The firm has a market capitalization of $1.12 billion, a P/E ratio of -6.95 and a beta of 3.68. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The firm had revenue of $50.32 million during the quarter, compared to the consensus estimate of $50.51 million. On average, sell-side analysts predict that Bitfarms Ltd. will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Cetera Advisors LLC increased its position in shares of Bitfarms by 40.8% during the first quarter. Cetera Advisors LLC now owns 684,547 shares of the company’s stock worth $1,523,000 after acquiring an additional 198,470 shares in the last quarter. Cetera Investment Advisers acquired a new position in Bitfarms during the 1st quarter valued at about $1,558,000. Tidal Investments LLC increased its holdings in Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares in the last quarter. Bayesian Capital Management LP raised its stake in shares of Bitfarms by 116.3% in the first quarter. Bayesian Capital Management LP now owns 63,600 shares of the company’s stock worth $142,000 after purchasing an additional 34,200 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Bitfarms in the first quarter valued at approximately $1,640,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Company Profile

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.