Bitfarms (NASDAQ:BITF) Shares Gap Up to $2.43

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $2.43, but opened at $2.57. Bitfarms shares last traded at $2.76, with a volume of 10,070,028 shares traded.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BITF. Stifel Nicolaus lowered shares of Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their price target for the stock from $3.25 to $2.30 in a research report on Thursday, May 30th. B. Riley lowered their target price on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, May 17th. HC Wainwright began coverage on Bitfarms in a report on Tuesday, June 4th. They issued a “buy” rating and a $4.00 price target for the company. Northland Securities began coverage on Bitfarms in a report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 target price for the company. Finally, Cantor Fitzgerald started coverage on Bitfarms in a report on Tuesday. They set an “overweight” rating and a $5.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $3.88.

Bitfarms Stock Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -7.55 and a beta of 3.68. The firm has a 50 day simple moving average of $2.02 and a 200-day simple moving average of $2.37.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The firm had revenue of $50.32 million during the quarter, compared to the consensus estimate of $50.51 million. As a group, analysts predict that Bitfarms Ltd. will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new stake in Bitfarms in the 4th quarter valued at approximately $29,000. Pasadena Private Wealth LLC acquired a new stake in shares of Bitfarms in the fourth quarter valued at $34,000. VitalStone Financial LLC purchased a new stake in shares of Bitfarms in the 1st quarter valued at $37,000. Shell Asset Management Co. acquired a new position in Bitfarms during the 1st quarter worth about $43,000. Finally, Sloy Dahl & Holst LLC purchased a new position in Bitfarms during the 4th quarter valued at about $44,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.