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

Bitfarms Ltd. (NASDAQ:BITF) gapped up before the market opened on Monday . The stock had previously closed at $2.53, but opened at $2.73. Bitfarms shares last traded at $2.7450, with a volume of 9,576,268 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Compass Point assumed coverage on shares of Bitfarms in a research report on Monday, September 15th. They set a “buy” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Wall Street Zen downgraded Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Northland Securities set a $7.00 target price on Bitfarms in a research report on Monday, October 13th. Finally, B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a report on Wednesday, October 22nd. Eight research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.25.

Bitfarms Trading Up 9.3%

The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of -12.02 and a beta of 3.78. The business’s 50 day simple moving average is $3.53 and its 200 day simple moving average is $2.26. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The firm had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. Research analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Institutional investors have recently modified their holdings of the company. US Bancorp DE purchased a new position in shares of Bitfarms during the 3rd quarter worth approximately $34,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms in the second quarter worth $43,000. Baker Avenue Asset Management LP acquired a new stake in shares of Bitfarms during the second quarter valued at $50,000. SG Americas Securities LLC purchased a new stake in Bitfarms during the 3rd quarter worth about $51,000. Finally, Swiss Life Asset Management Ltd acquired a new position in Bitfarms in the 3rd quarter valued at about $56,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.