Bitfarms (NASDAQ:BITF) Shares Gap Up – What’s Next?

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.

Analysts Set New Price Targets

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

Bitfarms Trading Up 0.3 %

The firm has a 50 day moving average price of $2.03 and a two-hundred day moving average price of $2.22. The firm has a market capitalization of $699.78 million, a P/E ratio of -4.29 and a beta of 3.59. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of the stock. HighTower Advisors LLC purchased a new stake in shares of Bitfarms in the 3rd quarter valued at approximately $25,000. Lifeworks Advisors LLC acquired a new stake in shares of Bitfarms in the third quarter worth $37,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms during the second quarter valued at $38,000. Chesapeake Capital Corp IL raised its position in Bitfarms by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after buying an additional 4,800 shares during the period. Finally, HBW Advisory Services LLC purchased a new stake in Bitfarms in the 3rd quarter worth about $63,000. 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.