Bitfarms (NASDAQ:BITF) Shares Gap Up - Here's Why

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) 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 trading hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BITF. HC Wainwright restated a "buy" rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Monday, September 23rd. Cantor Fitzgerald restated an "overweight" rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $3.66.

Bitfarms Stock Up 5.1 %

The firm has a market cap of $920.94 million, a price-to-earnings ratio of -6.03 and a beta of 3.63. The firm's 50 day moving average price is $2.04 and its two-hundred day moving average price is $2.21. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share 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 business had revenue of $41.55 million during the quarter, compared to the consensus estimate of $44.59 million. As a group, sell-side analysts forecast that Bitfarms Ltd. will post -0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently made changes to their positions in the business. Gladstone Institutional Advisory LLC boosted its stake in shares of Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company's stock worth $337,000 after buying an additional 5,000 shares during the period. HBW Advisory Services LLC purchased a new position in Bitfarms during the third quarter worth about $63,000. Cetera Investment Advisers raised its holdings in Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company's stock worth $2,579,000 after purchasing an additional 299,273 shares in the last quarter. Mackenzie Financial Corp raised its holdings in Bitfarms by 67.3% during the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company's stock worth $395,000 after purchasing an additional 61,624 shares in the last quarter. Finally, K2 Principal Fund L.P. purchased a new position in Bitfarms during the second quarter worth about $816,000. Institutional investors and hedge funds own 20.59% of the company's stock.

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.