Bitfarms (NASDAQ:BITF) Shares Gap Up – Should You Buy?

Bitfarms Ltd. (NASDAQ:BITF) shares gapped up before the market opened on Friday . The stock had previously closed at $1.64, but opened at $1.72. Bitfarms shares last traded at $1.76, with a volume of 8,181,963 shares.

Analyst Ratings Changes

Several research firms have recently weighed in on BITF. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods assumed coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. Alliance Global Partners assumed coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Price Performance

The stock has a market capitalization of $794.89 million, a price-to-earnings ratio of -4.90 and a beta of 3.67. The business’s fifty day moving average price is $1.93 and its 200-day moving average price is $2.11. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BITF. Marshall Wace LLP acquired a new position in shares of Bitfarms during the second quarter valued at about $4,016,000. Weiss Asset Management LP grew its holdings in shares of Bitfarms by 173.6% during the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after buying an additional 1,004,400 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Bitfarms by 17.7% during the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after buying an additional 911,952 shares during the last quarter. K2 Principal Fund L.P. purchased a new position in Bitfarms during the second quarter worth about $816,000. Finally, Cetera Investment Advisers boosted its holdings in Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after purchasing an additional 299,273 shares during the last quarter. 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.