Bitfarms (NASDAQ:BITF) Shares Gap Up – Time to Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $2.24, but opened at $2.48. Bitfarms shares last traded at $2.49, with a volume of 15,286,406 shares trading hands.

Wall Street Analysts Forecast Growth

BITF has been the subject of a number of analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Monday, September 23rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Performance

The stock’s 50 day simple moving average is $2.00 and its two-hundred day simple moving average is $2.22. 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 market cap of $1.18 billion, a P/E ratio of -7.17 and a beta of 3.64.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.04. The business had revenue of $41.55 million for the quarter, compared to analysts’ expectations of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. As a group, research analysts forecast that Bitfarms Ltd. will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently bought and sold shares of BITF. Lifeworks Advisors LLC bought a new position in shares of Bitfarms during the 3rd quarter worth approximately $37,000. WINTON GROUP Ltd bought a new position in Bitfarms in the second quarter valued at $38,000. Shell Asset Management Co. acquired a new stake in Bitfarms in the 1st quarter valued at $43,000. Chesapeake Capital Corp IL lifted its position in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after buying an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC acquired a new position in shares of Bitfarms during the 3rd quarter worth about $63,000. Institutional investors own 20.59% of the company’s stock.

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.