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

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped up before the market opened on Tuesday . The stock had previously closed at $1.54, but opened at $1.59. Bitfarms shares last traded at $1.57, with a volume of 8,255,128 shares changing hands.

Analysts Set New Price Targets

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

Bitfarms Stock Down 3.2 %

The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The business has a fifty day simple moving average of $2.02 and a two-hundred day simple moving average of $2.21. The company has a market cap of $674.87 million, a PE ratio of -4.14 and a beta of 3.59.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cetera Investment Advisers raised its holdings in Bitfarms by 42.7% in the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after acquiring an additional 299,273 shares during the last quarter. K2 Principal Fund L.P. acquired a new stake in shares of Bitfarms in the second quarter valued at approximately $816,000. State Street Corp increased its holdings in shares of Bitfarms by 1.3% in the third quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after purchasing an additional 63,916 shares during the last quarter. Marshall Wace LLP purchased a new position in Bitfarms during the second quarter worth approximately $4,016,000. Finally, Van ECK Associates Corp grew its holdings in Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after buying an additional 911,952 shares in the last quarter. 20.59% of the stock is currently 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.