Bitfarms (NASDAQ:BITF) Shares Gap Up – Here’s Why

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 traded.

Analyst Ratings Changes

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

Bitfarms Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The stock’s 50-day moving average is $2.02 and its two-hundred day moving average is $2.21. The stock has a market cap of $674.87 million, a PE ratio of -4.14 and a beta of 3.59.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BITF. HighTower Advisors LLC purchased a new stake in shares of Bitfarms in the 3rd quarter valued at $25,000. Lifeworks Advisors LLC acquired a new position in Bitfarms in the 3rd quarter valued at about $37,000. WINTON GROUP Ltd purchased a new stake in Bitfarms during the second quarter worth about $38,000. Chesapeake Capital Corp IL lifted its position in shares of Bitfarms by 27.9% during the third 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 in the last quarter. Finally, HBW Advisory Services LLC purchased a new position in shares of Bitfarms in the third quarter valued at approximately $63,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.