Bitfarms (NASDAQ:BITF) Shares Gap Up – Here’s Why

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped up before the market opened on Thursday . The stock had previously closed at $2.14, but opened at $2.26. Bitfarms shares last traded at $2.28, with a volume of 13,817,202 shares.

Analysts Set New Price Targets

BITF has been the subject of several research analyst reports. Alliance Global Partners initiated coverage on Bitfarms in a research note on Wednesday. They set a “buy” rating and a $6.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Stock Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The business has a 50 day moving average price of $2.06 and a two-hundred day moving average price of $2.26. The company has a market cap of $996.45 million, a P/E ratio of -6.32 and a beta of 3.59.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BITF. Marshall Wace LLP bought a new position in Bitfarms during the 2nd quarter valued at approximately $4,016,000. Van ECK Associates Corp grew its holdings in shares of Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after acquiring an additional 1,404,895 shares during the period. Weiss Asset Management LP grew its holdings in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after acquiring an additional 1,004,400 shares during the period. Cetera Investment Advisers purchased a new position in shares of Bitfarms during the 1st quarter worth approximately $1,558,000. Finally, K2 Principal Fund L.P. purchased a new position in shares of Bitfarms during the 2nd quarter worth approximately $816,000. 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.