Bitfarms (NASDAQ:BITF) Shares Gap Up - Should You Buy?

Key Points

• Bitfarms shares opened at $1.68 after a gap up from the previous closing price of $1.59 and last traded at $1.79 with a trading volume of over 38 million shares.
• Analysts maintain a consensus rating of "Buy" for Bitfarms, with a target price of $3.95, as several firms reaffirmed buy ratings recently.
• Bitfarms reported a revenue of $77.8 million for the last quarter, missing analysts' expectations and showing a negative net margin of 35.09%.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $1.59, but opened at $1.68. Bitfarms shares last traded at $1.79, with a volume of 38,246,431 shares trading hands.

Analysts Set New Price Targets

A number of analysts recently issued reports on BITF shares. Alliance Global Partners reissued a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Jones Trading assumed coverage on shares of Bitfarms in a report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target on the stock. Finally, HC Wainwright restated a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Bitfarms currently has a consensus rating of "Buy" and a consensus target price of $3.95.

Bitfarms Trading Up 10.5%

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The company has a market cap of $977.16 million, a PE ratio of -10.38 and a beta of 3.50. The firm's 50 day moving average is $1.22 and its 200 day moving average is $1.05.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted 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 net margin of 35.09% and a negative return on equity of 9.86%. The company had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. On average, equities analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds and other institutional investors have recently modified their holdings of BITF. Charles Schwab Investment Management Inc. raised its holdings in shares of Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after buying an additional 1,306,212 shares in the last quarter. Vident Advisory LLC grew its position in Bitfarms by 10.4% during the first quarter. Vident Advisory LLC now owns 6,686,681 shares of the company's stock valued at $5,279,000 after acquiring an additional 628,603 shares during the last quarter. Continental General Insurance Co. bought a new position in Bitfarms during the first quarter valued at approximately $2,124,000. Cetera Investment Advisers raised its stake in shares of Bitfarms by 31.9% during the fourth quarter. Cetera Investment Advisers now owns 963,793 shares of the company's stock worth $1,436,000 after acquiring an additional 232,821 shares in the last quarter. Finally, Trium Capital LLP bought a new stake in shares of Bitfarms in the 1st quarter worth approximately $609,000. 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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