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

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $1.08, but opened at $1.11. Bitfarms shares last traded at $1.11, with a volume of 7,603,771 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Alliance Global Partners reaffirmed a "buy" rating on shares of Bitfarms in a research report on Wednesday, May 14th. Industrial Alliance Securities set a $3.25 target price on Bitfarms in a report on Thursday, March 27th. Finally, HC Wainwright reissued a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $4.01.

Bitfarms Trading Up 2.4%

The stock has a market capitalization of $595.17 million, a PE ratio of -2.99 and a beta of 3.69. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average price of $0.95 and a 200-day moving average price of $1.40.

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

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Rock Wealth Management LLC purchased a new position in Bitfarms during the first quarter valued at $59,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Bitfarms by 28.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock valued at $4,316,000 after acquiring an additional 1,223,201 shares in the last quarter. Vident Advisory LLC lifted its position in shares of Bitfarms by 10.4% in 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 in the last quarter. Continental General Insurance Co. purchased a new position in shares of Bitfarms in the first quarter valued at about $2,124,000. Finally, Swiss National Bank lifted its position in shares of Bitfarms by 27.1% in the first quarter. Swiss National Bank now owns 897,000 shares of the company's stock valued at $705,000 after acquiring an additional 191,200 shares in the last quarter. 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.