Bitfarms (NASDAQ:BITF) Shares Gap Up to $1.96

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $1.96, but opened at $2.07. Bitfarms shares last traded at $2.06, with a volume of 1,267,823 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research report on Tuesday, September 3rd. Stifel Nicolaus cut shares of Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their price objective for the stock from $3.25 to $2.30 in a report on Thursday, May 30th. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, August 22nd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Stock Performance

The stock has a market capitalization of $818.61 million, a price-to-earnings ratio of -5.26 and a beta of 3.64. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.11 and a quick ratio of 5.09. The stock has a 50-day moving average of $2.30 and a 200 day moving average of $2.26.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $41.55 million during the quarter, compared to the consensus estimate of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. On average, analysts expect that Bitfarms Ltd. will post -0.29 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently modified their holdings of BITF. Swiss National Bank acquired a new stake in shares of Bitfarms in the first quarter valued at approximately $1,426,000. Shell Asset Management Co. bought a new position in Bitfarms in the 1st quarter valued at about $43,000. Cetera Investment Advisers acquired a new stake in Bitfarms during the first quarter worth approximately $1,558,000. Shariaportfolio Inc. acquired a new position in Bitfarms in the 4th quarter valued at $2,051,000. Finally, Quadrature Capital Ltd acquired a new position in Bitfarms in the 1st quarter valued at $1,640,000. 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.