Bitfarms (NASDAQ:BITF) Shares Gap Up - Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $1.07, but opened at $1.12. Bitfarms shares last traded at $1.12, with a volume of 5,678,090 shares changing hands.

Wall Street Analysts Forecast Growth

BITF has been the topic of several research analyst reports. HC Wainwright reissued a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Industrial Alliance Securities set a $3.25 target price on Bitfarms in a research report on Thursday, March 27th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $4.44.

Bitfarms Trading Up 0.9%

The stock has a market cap of $600.44 million, a PE ratio of -5.68 and a beta of 3.45. The company's fifty day moving average is $0.96 and its 200-day moving average is $1.13. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.58.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, hitting analysts' consensus estimates of ($0.04). Bitfarms had a negative net margin of 40.09% and a negative return on equity of 12.70%. The business had revenue of $66.85 million for the quarter, compared to analysts' expectations of $67.17 million. On average, analysts predict that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of large investors have recently bought and sold shares of BITF. Charles Schwab Investment Management Inc. raised its stake in shares of Bitfarms by 121.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock worth $3,728,000 after buying an additional 1,370,102 shares during the period. Quantbot Technologies LP purchased a new stake in Bitfarms in the 4th quarter worth $791,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Bitfarms by 65.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 119,882 shares of the company's stock worth $179,000 after acquiring an additional 47,298 shares during the period. National Bank of Canada FI lifted its holdings in Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after purchasing an additional 19,877 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in Bitfarms during the fourth quarter valued at $114,000. Institutional investors and hedge funds 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.