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

Key Points

• Bitfarms shares gapped up from a previous close of $5.01 to an opening price of $5.41, reflecting significant trading activity with over 28 million shares exchanged.
• Analysts have a consensus rating of "Moderate Buy" on Bitfarms, with six analysts recommending a buy and one a sell; the consensus price target is set at $4.35.
• Bitfarms reported a quarterly earnings miss, with an EPS of ($0.02) against an estimate of ($0.01) and revenue of $77.80 million, which was below analysts' expectations of $79.78 million.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $5.01, but opened at $5.41. Bitfarms shares last traded at $5.20, with a volume of 28,905,446 shares changing hands.

Wall Street Analyst Weigh In

BITF has been the topic of several recent analyst reports. Jones Trading began coverage on shares of Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 price objective on the stock. Wall Street Zen upgraded Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Macquarie reiterated an "outperform" rating on shares of Bitfarms in a report on Monday, October 13th. Compass Point initiated coverage on Bitfarms in a research report on Monday, September 15th. They issued a "buy" rating for the company. Finally, Northland Securities set a $7.00 price target on shares of Bitfarms in a research report on Monday, October 13th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $4.35.

Bitfarms Stock Down 0.1%

The firm has a 50-day moving average price of $2.50 and a two-hundred day moving average price of $1.52. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -29.50 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 announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $77.80 million during the quarter, compared to analysts' expectations of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. On average, sell-side analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

Hedge funds have recently made changes to their positions in the company. Cetera Investment Advisers lifted its position in shares of Bitfarms by 1.4% during the 2nd 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 during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Bitfarms by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 133,260 shares of the company's stock worth $105,000 after purchasing an additional 13,378 shares during the last quarter. Legal & General Group Plc boosted its position in Bitfarms by 4.1% during the second quarter. Legal & General Group Plc now owns 370,869 shares of the company's stock worth $309,000 after purchasing an additional 14,513 shares in the last quarter. TD Asset Management Inc grew its holdings in Bitfarms by 5.0% in the first quarter. TD Asset Management Inc now owns 400,532 shares of the company's stock valued at $314,000 after purchasing an additional 19,089 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Bitfarms by 13.0% in the first quarter. Mackenzie Financial Corp now owns 184,030 shares of the company's stock valued at $145,000 after buying an additional 21,238 shares in the last quarter. Hedge funds and other 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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