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

Bitfarms Ltd. (NASDAQ:BITF) gapped up before the market opened on Thursday . The stock had previously closed at $2.07, but opened at $2.12. Bitfarms shares last traded at $2.09, with a volume of 8,252,900 shares trading hands.

Analyst Upgrades and Downgrades

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

Bitfarms Price Performance

The stock has a market capitalization of $874.15 million, a P/E ratio of -5.36 and a beta of 3.59. The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average price of $2.06 and a two-hundred day moving average price of $2.27.

Institutional Inflows and Outflows

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