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

Bitfarms Ltd. (NASDAQ:BITF) shares gapped up before the market opened on Monday . The stock had previously closed at $1.16, but opened at $1.28. Bitfarms shares last traded at $1.21, with a volume of 13,190,309 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BITF shares. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Finally, Alliance Global Partners began coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Price Performance

The company’s 50 day simple moving average is $1.47 and its 200 day simple moving average is $1.85. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The company has a market capitalization of $565.61 million, a PE ratio of -3.28 and a beta of 3.64.

Hedge Funds Weigh In On Bitfarms

Several hedge funds have recently made changes to their positions in BITF. Van ECK Associates Corp boosted its position in shares of Bitfarms by 106.6% in the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock valued at $18,705,000 after purchasing an additional 6,477,985 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after acquiring an additional 81,760 shares during the period. Barclays PLC acquired a new stake in shares of Bitfarms in the third quarter valued at approximately $161,000. State Street Corp grew its position in shares of Bitfarms by 1.3% during the third quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after acquiring an additional 63,916 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft increased its holdings in shares of Bitfarms by 245.8% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company’s stock valued at $1,043,000 after acquiring an additional 497,789 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.