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

Bitfarms Ltd. (NASDAQ:BITF) shares gapped up prior to trading on Friday . The stock had previously closed at $1.7050, but opened at $1.91. Bitfarms shares last traded at $1.9650, with a volume of 10,705,595 shares trading hands.

Wall Street Analyst Weigh In

BITF has been the subject of a number of research analyst reports. Wall Street Zen cut Bitfarms from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Northland Securities set a $7.00 target price on shares of Bitfarms in a research report on Monday, October 13th. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.00 price objective (up from $2.50) on shares of Bitfarms in a research note on Tuesday, January 27th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and a consensus target price of $4.04.

Bitfarms Stock Up 24.6%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The company has a market capitalization of $1.28 billion, a PE ratio of -9.24 and a beta of 3.81. The firm’s 50-day simple moving average is $2.69 and its 200 day simple moving average is $2.64.

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

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Bitfarms by 108.5% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company’s stock valued at $233,000 after acquiring an additional 144,593 shares in the last quarter. Voya Investment Management LLC acquired a new stake in Bitfarms in the third quarter worth approximately $2,349,000. Thames Capital Management LLC acquired a new stake in Bitfarms in the third quarter worth approximately $19,834,000. Chicago Partners Investment Group LLC bought a new position in Bitfarms during the 2nd quarter valued at $161,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Bitfarms during the 2nd quarter valued at $211,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.