Bitfarms (NASDAQ:BITF) Shares Gap Up – Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $1.59, but opened at $1.65. Bitfarms shares last traded at $1.68, with a volume of 12,569,366 shares trading hands.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Alliance Global Partners started coverage on Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Stock Performance

The stock has a 50 day moving average of $2.05 and a 200 day moving average of $2.24. The company has a market capitalization of $765.46 million, a price-to-earnings ratio of -4.69 and a beta of 3.59. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP bought a new position in Bitfarms during the second quarter worth $4,016,000. Van ECK Associates Corp raised its position in shares of Bitfarms by 37.4% in the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after acquiring an additional 1,404,895 shares in the last quarter. Weiss Asset Management LP lifted its stake in shares of Bitfarms by 173.6% in the 3rd 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. K2 Principal Fund L.P. bought a new stake in shares of Bitfarms during the 2nd quarter valued at about $816,000. Finally, Cetera Investment Advisers grew its stake in Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after purchasing an additional 299,273 shares during the period. Institutional investors and hedge funds 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.