Bitfarms (NASDAQ:BITF) Shares Gap Up to $1.71

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $1.71, but opened at $1.75. Bitfarms shares last traded at $1.75, with a volume of 2,422,339 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BITF. HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Tuesday, March 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, March 28th.

Bitfarms Stock Up 5.9 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88. The firm’s 50-day moving average price is $2.54 and its 200 day moving average price is $2.10. The firm has a market cap of $673.39 million, a P/E ratio of -5.11 and a beta of 3.62.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The business had revenue of $46.24 million for the quarter, compared to analysts’ expectations of $39.68 million. During the same quarter last year, the company posted ($0.07) earnings per share. On average, equities research analysts expect that Bitfarms Ltd. will post -0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Large investors have recently bought and sold shares of the business. Quadrature Capital Ltd lifted its holdings in Bitfarms by 745.2% in the third quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock worth $1,090,000 after acquiring an additional 902,708 shares during the last quarter. Invesco Ltd. lifted its holdings in Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock worth $10,667,000 after acquiring an additional 3,667,681 shares during the last quarter. Bellecapital International Ltd. bought a new position in Bitfarms in the fourth quarter worth about $66,000. Van ECK Associates Corp raised its holdings in shares of Bitfarms by 18.6% during the third quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company’s stock valued at $3,831,000 after buying an additional 561,342 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its holdings in shares of Bitfarms by 252.1% during the third quarter. Vontobel Holding Ltd. now owns 75,847 shares of the company’s stock valued at $82,000 after buying an additional 54,303 shares during the last quarter. Institutional investors 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.