Bitfarms (NASDAQ:BITF) Shares Gap Up - Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $0.86, but opened at $0.90. Bitfarms shares last traded at $0.90, with a volume of 1,023,384 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have commented on BITF. HC Wainwright reaffirmed a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price target on shares of Bitfarms in a research note on Thursday, March 27th. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Bitfarms presently has an average rating of "Buy" and an average target price of $4.44.

Bitfarms Stock Up 6.3%

The business's 50 day moving average is $0.95 and its 200 day moving average is $1.33. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The company has a market cap of $506.03 million, a P/E ratio of -2.53 and a beta of 3.54.

Bitfarms (NASDAQ:BITF - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). The company had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. As a group, equities analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Several institutional investors have recently modified their holdings of the stock. Guided Capital Wealth Management LLC acquired a new stake in Bitfarms during the 4th quarter worth approximately $30,000. Money Concepts Capital Corp purchased a new position in Bitfarms in the 4th quarter valued at $30,000. National Bank of Canada FI increased its stake in Bitfarms by 2,629.2% in the 4th quarter. National Bank of Canada FI now owns 20,633 shares of the company's stock valued at $31,000 after buying an additional 19,877 shares during the period. Olympiad Research LP acquired a new position in Bitfarms in the 4th quarter valued at $36,000. Finally, Lifeworks Advisors LLC raised its position in Bitfarms by 42.4% during the 4th quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock worth $37,000 after buying an additional 7,339 shares during the last quarter. Hedge funds and other institutional investors own 20.59% of the company's stock.

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.

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