Bitfarms (NASDAQ:BITF) Shares Gap Up - Still a Buy?
Bitfarms Ltd. (NASDAQ:BITF) shares gapped up from $1.16 to $1.28 before closing at $1.21, with significant trading volume. Analysts have a consensus rating of "Moderate Buy" with a target price of $4.05. Recent ratings include "outperform" from Keefe, Bruyette & Woods, and a "buy" from HC Wainwright with a $4.00 target. The company has a market cap of $565.61 million and operates in cryptocurrency mining across several countries. Institutional investors hold 20.59% of the stock, indicating growing interest in Bitfarms.
Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $1.16, but opened at $1.28. Bitfarms shares last traded at $1.21, with a volume of 13,190,309 shares trading hands.
Wall Street Analysts Forecast Growth
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Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a research note on Wednesday, January 8th. They set an "outperform" rating for the company. HC Wainwright reaffirmed a "buy" rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. 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 for the company. Finally, Stifel Canada raised Bitfarms from a "hold" rating to a "moderate buy" rating in a report on Friday, November 22nd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $4.05.
Read Our Latest Analysis on Bitfarms
Bitfarms Price Performance
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The company has a market cap of $565.61 million, a price-to-earnings ratio of -3.28 and a beta of 3.64. 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 fifty day simple moving average of $1.47 and a two-hundred day simple moving average of $1.85.
Institutional Investors Weigh In On Bitfarms
A number of large investors have recently added to or reduced their stakes in the business. Chesapeake Capital Corp IL raised its position in shares of Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company's stock worth $50,000 after purchasing an additional 4,800 shares during the last quarter. Gladstone Institutional Advisory LLC increased its position in Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company's stock worth $337,000 after buying an additional 5,000 shares in the last quarter. Lifeworks Advisors LLC increased its position in Bitfarms by 42.4% during the fourth quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock worth $37,000 after buying an additional 7,339 shares in the last quarter. Cresset Asset Management LLC raised its holdings in shares of Bitfarms by 54.6% in the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after acquiring an additional 9,795 shares during the last quarter. Finally, HighTower Advisors LLC acquired a new stake in shares of Bitfarms during the third quarter valued at $25,000. 20.59% of the stock is owned by institutional investors and hedge funds.
Bitfarms Company Profile
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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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