Bitfarms (NASDAQ:BITF) Shares Gap Up – Should You Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.14, but opened at $2.26. Bitfarms shares last traded at $2.26, with a volume of 16,246,483 shares traded.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Monday, September 23rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Stock Down 4.9 %

The company’s 50 day simple moving average is $2.04 and its 200-day simple moving average is $2.21. The firm has a market cap of $969.03 million, a P/E ratio of -6.11 and a beta of 3.63. 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 issued its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $41.55 million for the quarter, compared to analysts’ expectations of $44.59 million. Research analysts forecast that Bitfarms Ltd. will post -0.29 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Several large investors have recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in Bitfarms by 58.4% in the first quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock valued at $15,555,000 after acquiring an additional 2,571,647 shares during the period. Van ECK Associates Corp lifted its stake in shares of Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after purchasing an additional 911,952 shares during the period. Vident Advisory LLC boosted its holdings in shares of Bitfarms by 51.4% in the first quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after buying an additional 885,217 shares during the last quarter. Marshall Wace LLP bought a new stake in Bitfarms during the second quarter valued at approximately $4,016,000. Finally, Cetera Investment Advisers grew its position 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 buying an additional 299,273 shares during the period. 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.