Bitfarms (NASDAQ:BITF) Shares Gap Up - Here's What Happened

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) gapped up before the market opened 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.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BITF. Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Industrial Alliance Securities set a $3.25 target price on Bitfarms in a research note on Thursday, March 27th. Finally, HC Wainwright restated a "buy" rating on shares of Bitfarms in a research note on Wednesday, May 14th. Four analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $4.44.

Bitfarms Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.58. The firm has a 50-day moving average of $0.96 and a 200-day moving average of $1.14. The stock has a market cap of $619.90 million, a PE ratio of -5.82 and a beta of 3.45.

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

Institutional Investors Weigh In On Bitfarms

Several large investors have recently modified their holdings of the business. Vident Advisory LLC lifted its holdings in shares of Bitfarms by 87.6% during the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock valued at $9,016,000 after purchasing an additional 2,828,703 shares during the last quarter. Continental General Insurance Co. acquired a new stake in Bitfarms during the first quarter worth about $2,124,000. Paloma Partners Management Co boosted its holdings in Bitfarms by 620.8% during the fourth quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company's stock worth $2,685,000 after buying an additional 1,551,900 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Bitfarms by 121.0% during the fourth 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 in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Bitfarms by 28.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock worth $4,316,000 after purchasing an additional 1,223,201 shares during the period. 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.

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