Bitfarms (NASDAQ:BITF) Shares Gap Up to $1.71

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $1.71, but opened at $1.75. Bitfarms shares last traded at $1.75, with a volume of 2,422,339 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, March 28th. HC Wainwright reissued a "buy" rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Tuesday, March 26th.

Bitfarms Stock Up 4.4 %

The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. The stock's 50-day moving average price is $2.56 and its 200-day moving average price is $2.11. The company has a market cap of $635.98 million, a P/E ratio of -4.65 and a beta of 3.62.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The business had revenue of $46.24 million for the quarter, compared to analyst estimates of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same quarter in the prior year, the company earned ($0.07) earnings per share. As a group, research analysts forecast that Bitfarms Ltd. will post -0.1 EPS for the current year.

Institutional Trading of Bitfarms

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Citigroup Inc. grew its holdings in shares of Bitfarms by 21.9% during the first quarter. Citigroup Inc. now owns 78,238 shares of the company's stock valued at $295,000 after buying an additional 14,045 shares during the last quarter. Vontobel Holding Ltd. bought a new position in Bitfarms in the 1st quarter valued at about $51,000. XTX Topco Ltd acquired a new position in Bitfarms during the 1st quarter valued at about $57,000. Invesco Ltd. increased its holdings in Bitfarms by 56.1% during the 1st quarter. Invesco Ltd. now owns 13,039,797 shares of the company's stock worth $48,900,000 after purchasing an additional 4,687,086 shares in the last quarter. Finally, Vident Investment Advisory LLC raised its stake in shares of Bitfarms by 130.9% in the first quarter. Vident Investment Advisory LLC now owns 598,085 shares of the company's stock worth $2,248,000 after purchasing an additional 339,009 shares during the last quarter. 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.