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

Key Points

• Bitfarms Ltd. shares experienced a gap up from $3.05 to $3.39 before closing at $3.50, with a trading volume of over 61 million shares.
• The company received multiple upgrades from analysts, with a consensus rating of "Buy" and an average price target of $3.95.
• Bitfarms reported earnings of ($0.02) per share, missing estimates, and shows a negative net margin of 35.09% along with a market cap of $1.87 billion.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.05, but opened at $3.39. Bitfarms shares last traded at $3.50, with a volume of 61,609,348 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BITF shares. Wall Street Zen raised Bitfarms from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Compass Point assumed coverage on Bitfarms in a report on Monday, September 15th. They set a "buy" rating for the company. Finally, Jones Trading assumed coverage on Bitfarms in a research report on Monday, July 21st. They issued a "buy" rating and a $2.00 price target for the company. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $3.95.

Bitfarms Stock Performance

The firm's fifty day moving average price is $1.46 and its 200-day moving average price is $1.13. The company has a market cap of $1.74 billion, a P/E ratio of -18.35 and a beta of 3.50. The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF - Get Free Report) last released its 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 firm had revenue of $77.80 million during the quarter, compared to the consensus estimate of $79.78 million. Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. As a group, research analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Several hedge funds and other institutional investors have recently bought and sold shares of BITF. Invesco Ltd. lifted its position in Bitfarms by 40.4% during the second quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock worth $11,120,000 after buying an additional 3,806,810 shares in the last quarter. Vident Advisory LLC lifted its position in Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock worth $9,538,000 after acquiring an additional 4,677,425 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Bitfarms by 28.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after buying an additional 1,223,201 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Bitfarms by 52.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock valued at $3,002,000 after purchasing an additional 1,306,212 shares during the period. Finally, Geode Capital Management LLC grew its position in Bitfarms by 3.8% during the second quarter. Geode Capital Management LLC now owns 3,449,002 shares of the company's stock valued at $2,860,000 after acquiring an additional 125,156 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

About Bitfarms

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.