Bitfarms (NASDAQ:BITF) Shares Gap Up to $2.57

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped up prior to trading on Monday . The stock had previously closed at $2.57, but opened at $2.68. Bitfarms shares last traded at $2.64, with a volume of 2,075,937 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on BITF shares. Stifel Nicolaus cut Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their target price for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Monday, June 17th. Northland Securities initiated coverage on Bitfarms in a research note on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target on the stock. Cantor Fitzgerald began coverage on Bitfarms in a research note on Tuesday, June 11th. They set an “overweight” rating and a $5.00 price target on the stock. Finally, B. Riley cut their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Friday, May 17th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $3.88.

Bitfarms Stock Performance

The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average of $2.24 and a 200 day moving average of $2.44. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -6.64 and a beta of 3.68.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The firm had revenue of $50.32 million for the quarter, compared to analyst estimates of $50.51 million. As a group, analysts predict that Bitfarms Ltd. will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

Institutional investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new position in Bitfarms in the fourth quarter valued at approximately $29,000. Pasadena Private Wealth LLC bought a new stake in shares of Bitfarms during the fourth quarter valued at approximately $34,000. Sloy Dahl & Holst LLC bought a new stake in shares of Bitfarms during the fourth quarter valued at approximately $44,000. DMC Group LLC bought a new stake in shares of Bitfarms during the fourth quarter valued at approximately $47,000. Finally, VitalStone Financial LLC bought a new stake in shares of Bitfarms during the first quarter valued at approximately $37,000. 20.59% of the stock is owned by institutional investors and hedge funds.

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.