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

Key Points

• Bitfarms Ltd. shares experienced a significant increase, opening at $4.75 after closing at $4.20, with a trading volume of 46,510,909 shares.
• Wall Street analysts exhibit a mixed outlook, with several upgrades and downgrades; the average target price stands at **$4.35**, reflecting an overall rating of **"Moderate Buy."**
• The company reported a revenue of **$77.80 million** for the latest quarter, missing analyst expectations, and has a modest market capitalization of **$2.90 billion**.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $4.20, but opened at $4.75. Bitfarms shares last traded at $4.82, with a volume of 46,510,909 shares changing hands.

Wall Street Analysts Forecast Growth

BITF has been the topic of several research analyst reports. Jones Trading initiated coverage on Bitfarms in a research report on Monday, July 21st. They issued a "buy" rating and a $2.00 price objective on the stock. Northland Securities set a $7.00 target price on Bitfarms in a research report on Monday. Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Bitfarms in a research report on Wednesday, October 8th. Finally, Compass Point started coverage on Bitfarms in a research report on Monday, September 15th. They issued a "buy" rating on the stock. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $4.35.

Bitfarms Stock Up 22.6%

The company has a 50 day simple moving average of $2.06 and a two-hundred day simple moving average of $1.35. The company has a quick ratio of 3.03, a current ratio of 3.11 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.90 billion, a P/E ratio of -30.15 and a beta of 3.73.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share 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 company had revenue of $77.80 million for the quarter, compared to the consensus estimate of $79.78 million. As a group, equities analysts predict that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the business. Cetera Investment Advisers increased its holdings in shares of Bitfarms by 1.4% during the second quarter. Cetera Investment Advisers now owns 789,700 shares of the company's stock valued at $664,000 after acquiring an additional 10,622 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Bitfarms by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock valued at $105,000 after acquiring an additional 13,378 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Bitfarms by 4.1% during the second quarter. Legal & General Group Plc now owns 370,869 shares of the company's stock valued at $309,000 after acquiring an additional 14,513 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of Bitfarms by 5.0% during the first quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock valued at $314,000 after acquiring an additional 19,089 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Bitfarms by 13.0% during the first quarter. Mackenzie Financial Corp now owns 184,030 shares of the company's stock valued at $145,000 after acquiring an additional 21,238 shares in the last quarter. 20.59% of the stock is currently 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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