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

Bitfarms Ltd. (NASDAQ:BITF) gapped up prior to trading on Tuesday . The stock had previously closed at $1.59, but opened at $1.65. Bitfarms shares last traded at $1.68, with a volume of 12,569,366 shares.

Wall Street Analysts Forecast Growth

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

Bitfarms Stock 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 business’s 50-day moving average price is $2.06 and its 200-day moving average price is $2.25. The stock has a market cap of $758.67 million, a P/E ratio of -4.65 and a beta of 3.59.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Bitfarms by 521.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 68,395 shares of the company’s stock worth $176,000 after buying an additional 57,383 shares during the period. Van ECK Associates Corp grew its position in shares of Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after purchasing an additional 1,404,895 shares in the last quarter. TD Asset Management Inc raised its stake in Bitfarms by 70.0% during the 2nd quarter. TD Asset Management Inc now owns 343,395 shares of the company’s stock valued at $886,000 after purchasing an additional 141,424 shares during the period. Impact Partnership Wealth LLC lifted its holdings in Bitfarms by 227.6% in the 2nd quarter. Impact Partnership Wealth LLC now owns 70,570 shares of the company’s stock worth $181,000 after purchasing an additional 49,029 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in Bitfarms during the 2nd quarter valued at approximately $38,000. Hedge funds and other institutional investors 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.