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

Key Points

• Bitfarms shares gapped up, opening at $3.21 after a previous close of $3.01, with the stock trading at $3.45 by the end of the day.
• Analysts have mixed views on Bitfarms, with five giving it a Buy rating and one a Sell, leading to an average target price of $3.69.
• The company reported negative earnings per share of ($0.02), missing expectations, and had a revenue of $77.80 million, below analyst forecasts.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.01, but opened at $3.21. Bitfarms shares last traded at $3.45, with a volume of 34,155,109 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BITF shares. Compass Point initiated coverage on shares of Bitfarms in a report on Monday, September 15th. They set a "buy" rating on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bitfarms in a research report on Saturday, September 27th. Jones Trading initiated coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a "buy" rating and a $2.00 target price on the stock. Finally, Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Bitfarms has an average rating of "Moderate Buy" and an average price target of $3.69.

Bitfarms Price Performance

The stock has a fifty day moving average price of $1.80 and a 200-day moving average price of $1.25. The firm has a market capitalization of $1.93 billion, a PE ratio of -20.20 and a beta of 3.73. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%.The firm had revenue of $77.80 million during the quarter, compared to analysts' expectations of $79.78 million. Sell-side analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Large investors have recently made changes to their positions in the business. Arkadios Wealth Advisors purchased a new position in shares of Bitfarms during the 1st quarter valued at about $39,000. WINTON GROUP Ltd purchased a new stake in Bitfarms in the 2nd quarter worth approximately $43,000. Theory Financial LLC purchased a new stake in Bitfarms in the 1st quarter worth approximately $48,000. Baker Avenue Asset Management LP purchased a new stake in Bitfarms in the 2nd quarter worth approximately $50,000. Finally, Blue Rock Wealth Management LLC purchased a new stake in Bitfarms in the 1st quarter worth approximately $59,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

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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