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

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price 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 Analysts Forecast Growth

BITF has been the topic of a number of research reports. Alliance Global Partners restated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. HC Wainwright restated a "buy" rating on shares of Bitfarms in a report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price objective on Bitfarms in a report on Thursday, March 27th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Bitfarms has a consensus rating of "Moderate Buy" and an average target price of $4.01.

Bitfarms Stock Down 3.7%

The business has a fifty day simple moving average of $0.95 and a two-hundred day simple moving average of $1.41. 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 company has a market cap of $566.16 million, a PE ratio of -2.92 and a beta of 3.69.

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, hitting the consensus estimate of ($0.04). Bitfarms had a negative return on equity of 22.17% and a negative net margin of 69.08%. The business had revenue of $66.85 million for the quarter, compared to analyst estimates of $67.17 million. As a group, equities research analysts predict that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp raised its holdings in shares of Bitfarms by 106.6% during the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company's stock worth $18,705,000 after acquiring an additional 6,477,985 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Bitfarms by 121.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company's stock worth $3,728,000 after acquiring an additional 1,370,102 shares during the period. Vident Advisory LLC raised its holdings in shares of Bitfarms by 87.6% during the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company's stock worth $9,016,000 after acquiring an additional 2,828,703 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. purchased a new position in shares of Bitfarms during the 4th quarter worth $1,200,000. Finally, Cetera Investment Advisers raised its holdings in shares of Bitfarms by 31.9% during the 4th 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 during the period. 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.