Bitfarms (NASDAQ:BITF) Shares Gap Up to $2.57

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped up before the market opened on Monday . The stock had previously closed at $2.57, but opened at $2.68. Bitfarms shares last traded at $2.64, with a volume of 2,075,937 shares traded.

Analyst Upgrades and Downgrades

BITF has been the topic of several research analyst reports. B. Riley dropped their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Friday, May 17th. Northland Securities initiated coverage on Bitfarms in a research note on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target on the stock. Stifel Nicolaus cut shares of Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their price objective for the stock from $3.25 to $2.30 in a research report on Thursday, May 30th. Cantor Fitzgerald started coverage on shares of Bitfarms in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Monday, June 17th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $3.88.

Bitfarms Trading Up 1.2 %

The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.04. The firm has a 50-day simple moving average of $2.22 and a two-hundred day simple moving average of $2.44.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.01. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. The business had revenue of $50.32 million for the quarter, compared to the consensus estimate of $50.51 million. As a group, equities analysts expect that Bitfarms Ltd. will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in BITF. Capital Performance Advisors LLP bought a new position in Bitfarms during the 4th quarter worth $29,000. Pasadena Private Wealth LLC bought a new stake in Bitfarms during the fourth quarter worth about $34,000. Sloy Dahl & Holst LLC bought a new stake in Bitfarms during the fourth quarter worth about $44,000. DMC Group LLC acquired a new stake in Bitfarms during the fourth quarter worth about $47,000. Finally, VitalStone Financial LLC bought a new position in Bitfarms in the 1st quarter valued at about $37,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.