Bitfarms (NASDAQ:BITF) Shares Gap Up – Time to Buy?

Bitfarms Ltd. (NASDAQ:BITF)’s share price 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 changing hands.

Analyst Ratings Changes

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

Bitfarms Trading Up 5.3 %

The firm has a market cap of $758.67 million, a PE ratio of -4.65 and a beta of 3.59. The firm has a fifty day simple moving average of $2.06 and a two-hundred day simple moving average of $2.25. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Institutional Trading of Bitfarms

Several large investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC purchased a new stake in shares of Bitfarms in the 3rd quarter worth about $25,000. Lifeworks Advisors LLC bought a new position in shares of Bitfarms in the 3rd quarter worth approximately $37,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms in the 2nd quarter valued at approximately $38,000. Chesapeake Capital Corp IL boosted 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 valued at $50,000 after purchasing an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC bought a new position in Bitfarms in the third quarter worth $63,000. 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.