Bitfarms (NASDAQ:BITF) Shares Gap Up to $1.71

Bitfarms Ltd. (NASDAQ:BITF) gapped up prior to trading on Wednesday . The stock had previously closed at $1.71, but opened at $1.75. Bitfarms shares last traded at $1.75, with a volume of 2,422,339 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently commented on BITF. Cantor Fitzgerald restated an “overweight” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th. HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Tuesday, March 26th.

Bitfarms Price Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market cap of $618.16 million, a price-to-earnings ratio of -4.65 and a beta of 3.62. The business’s 50-day moving average price is $2.56 and its two-hundred day moving average price is $2.11.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The business had revenue of $46.24 million during the quarter, compared to the consensus estimate of $39.68 million. During the same quarter last year, the company earned ($0.07) earnings per share. On average, research analysts forecast that Bitfarms Ltd. will post -0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds have recently added to or reduced their stakes in BITF. Citigroup Inc. boosted its holdings in Bitfarms by 21.9% in the first quarter. Citigroup Inc. now owns 78,238 shares of the company’s stock worth $295,000 after purchasing an additional 14,045 shares during the period. Vontobel Holding Ltd. acquired a new position in shares of Bitfarms during the first quarter valued at $51,000. XTX Topco Ltd acquired a new position in shares of Bitfarms during the first quarter valued at $57,000. Invesco Ltd. boosted its holdings in shares of Bitfarms by 56.1% during the first quarter. Invesco Ltd. now owns 13,039,797 shares of the company’s stock valued at $48,900,000 after acquiring an additional 4,687,086 shares during the period. Finally, Vident Investment Advisory LLC boosted its holdings in shares of Bitfarms by 130.9% during the first quarter. Vident Investment Advisory LLC now owns 598,085 shares of the company’s stock valued at $2,248,000 after acquiring an additional 339,009 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.