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

Key Points

• Bitfarms gapped up Monday, opening at $2.79 after a $2.60 close and trading as high as $2.8540 on roughly 16.0 million shares, a move of about 12.5%.
• Analyst sentiment is generally positive: Cantor Fitzgerald raised its price target to $5 and the consensus rating is a Moderate Buy with an average price target of $4.25 (eight Buys, one Sell).
• Fundamentals remain mixed—Q3 EPS of ($0.02) met estimates but revenue missed at $69.25M vs. $84.66M, the company reports a negative net margin (~48.3%) and a negative P/E of -12.8.

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $2.60, but opened at $2.79. Bitfarms shares last traded at $2.8540, with a volume of 16,017,974 shares.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BITF. B. Riley reaffirmed a "buy" rating on shares of Bitfarms in a report on Wednesday, October 22nd. Cantor Fitzgerald boosted their price target on shares of Bitfarms from $2.20 to $5.00 and gave the company an "overweight" rating in a research report on Friday, November 14th. Compass Point started coverage on Bitfarms in a research report on Monday, September 15th. They issued a "buy" rating on the stock. Wall Street Zen downgraded shares of Bitfarms from a "hold" rating to a "sell" rating in a research note on Saturday, November 15th. Finally, Macquarie reiterated an "outperform" rating on shares of Bitfarms in a report on Monday, October 13th. Eight research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $4.25.

Bitfarms Stock Up 12.5%

The firm's 50-day simple moving average is $3.03 and its 200 day simple moving average is $2.38. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The company has a market capitalization of $1.75 billion, a PE ratio of -12.80 and a beta of 3.81.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%.The firm had revenue of $69.25 million during the quarter, compared to analyst estimates of $84.66 million. As a group, equities research analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of BITF. US Bancorp DE acquired a new stake in Bitfarms during the 3rd quarter worth about $34,000. WINTON GROUP Ltd acquired a new stake in Bitfarms in the 2nd quarter valued at $43,000. Baker Avenue Asset Management LP acquired a new stake in Bitfarms during the 2nd quarter valued at $50,000. SG Americas Securities LLC bought a new position in Bitfarms in the third quarter valued at about $51,000. Finally, Swiss Life Asset Management Ltd bought a new stake in Bitfarms in the third quarter valued at about $56,000. Institutional investors and hedge funds own 20.59% of the company's stock.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.

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