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

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $2.24, but opened at $2.48. Bitfarms shares last traded at $2.49, with a volume of 15,286,406 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on BITF shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a research report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Monday, September 23rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11. The company has a 50 day moving average price of $2.02 and a 200-day moving average price of $2.23.

Hedge Funds Weigh In On Bitfarms

Several hedge funds have recently made changes to their positions in the business. WINTON GROUP Ltd bought a new stake in Bitfarms in the second quarter worth $38,000. Lifeworks Advisors LLC purchased a new stake in shares of Bitfarms during the third quarter worth about $37,000. Shell Asset Management Co. bought a new position in Bitfarms during the first quarter valued at approximately $43,000. Chesapeake Capital Corp IL boosted its stake 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 last quarter. Finally, HBW Advisory Services LLC bought a new position in Bitfarms during the third quarter valued at approximately $63,000. 20.59% of the stock is owned by hedge funds and other institutional investors.

Bitfarms Company Profile

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.