Bitfarms (NASDAQ:BITF) Shares Gap Up – Still a Buy?

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped up prior to trading on Thursday . The stock had previously closed at $2.17, but opened at $2.27. Bitfarms shares last traded at $2.14, with a volume of 11,829,994 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BITF shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Trading Down 4.1 %

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 company’s 50 day moving average price is $2.06 and its 200 day moving average price is $2.24. The company has a market cap of $942.09 million, a price-to-earnings ratio of -5.58 and a beta of 3.64.

Institutional Trading of Bitfarms

Large investors have recently modified their holdings of the company. Barclays PLC bought a new stake in Bitfarms in the 3rd quarter valued at $161,000. Geode Capital Management LLC boosted its holdings in Bitfarms by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after purchasing an additional 81,760 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Bitfarms in the 3rd quarter valued at $201,000. XTX Topco Ltd bought a new stake in Bitfarms in the 3rd quarter valued at $254,000. Finally, Weiss Asset Management LP boosted its holdings in Bitfarms by 173.6% in the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after purchasing an additional 1,004,400 shares during the period. 20.59% of the stock is owned by institutional investors.

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.