Bitfarms (NASDAQ:BITF) Shares Gap Up – Should You Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped up before the market opened on Friday . The stock had previously closed at $1.64, but opened at $1.72. Bitfarms shares last traded at $1.76, with a volume of 8,181,963 shares traded.

Wall Street Analysts Forecast Growth

BITF has been the topic of several analyst reports. Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Alliance Global Partners initiated coverage on shares of Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Trading Up 7.0 %

The firm has a market cap of $794.89 million, a P/E ratio of -4.90 and a beta of 3.67. 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 firm’s 50-day simple moving average is $1.93 and its 200 day simple moving average is $2.11.

Institutional Trading of Bitfarms

Several hedge funds and other institutional investors have recently modified their holdings of BITF. Marshall Wace LLP bought a new stake in shares of Bitfarms in the second quarter valued at approximately $4,016,000. Weiss Asset Management LP raised its position in shares of Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after purchasing an additional 1,004,400 shares during the period. Van ECK Associates Corp raised its position in shares of Bitfarms by 17.7% in the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after purchasing an additional 911,952 shares during the period. K2 Principal Fund L.P. bought a new stake in shares of Bitfarms in the second quarter valued at approximately $816,000. Finally, Cetera Investment Advisers raised its position in shares of Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after purchasing an additional 299,273 shares during the period. 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.