Bitfarms (NASDAQ:BITF) Shares Gap Up – Time to Buy?

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped up before the market opened on Friday . The stock had previously closed at $1.75, but opened at $1.79. Bitfarms shares last traded at $1.79, with a volume of 630,148 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. One equities research 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 a consensus rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Price Performance

The stock’s 50 day moving average price is $2.10 and its 200 day moving average price is $2.22. The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The firm had revenue of $41.55 million during the quarter, compared to the consensus estimate of $44.59 million. On average, analysts expect that Bitfarms Ltd. will post -0.29 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Institutional investors have recently modified their holdings of the company. HBW Advisory Services LLC purchased a new position in Bitfarms in the third quarter valued at about $63,000. Cetera Investment Advisers increased its stake in Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after acquiring an additional 299,273 shares during the period. Mackenzie Financial Corp increased its position in shares of Bitfarms by 67.3% during the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock valued at $395,000 after purchasing an additional 61,624 shares during the period. K2 Principal Fund L.P. acquired a new position in shares of Bitfarms in the 2nd quarter valued at $816,000. Finally, Marshall Wace LLP bought a new position in Bitfarms during the second quarter worth about $4,016,000. 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.