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

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price gapped up prior to trading 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.

Analysts Set New Price Targets

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

Bitfarms Stock Performance

The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The business has a 50 day moving average price of $1.46 and a 200 day moving average price of $1.85. The stock has a market cap of $536.85 million, a P/E ratio of -3.11 and a beta of 3.64.

Institutional Trading of Bitfarms

A number of hedge funds and other institutional investors have recently bought and sold shares of BITF. HighTower Advisors LLC purchased a new stake in shares of Bitfarms during the third quarter valued at $25,000. Money Concepts Capital Corp purchased a new stake in Bitfarms in the 4th quarter valued at about $30,000. Guided Capital Wealth Management LLC purchased a new stake in Bitfarms in the 4th quarter valued at about $30,000. National Bank of Canada FI grew its stake in Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock worth $31,000 after acquiring an additional 19,877 shares in the last quarter. Finally, Olympiad Research LP purchased a new position in shares of Bitfarms during the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 20.59% of the company's stock.

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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.