Bitfarms (NASDAQ:BITF) Shares Gap Up - Still a Buy?

Bitfarms Ltd. (NASDAQ:BITF) saw a notable increase in its stock price as it gapped up prior to the trading session on Monday. The shares previously closed at $1.16 but opened higher at $1.28. The latest trading price for Bitfarms was recorded at $1.21 with a significant volume of 13,190,309 shares exchanged.

Wall Street Analysts Forecast Growth

Several analysts from equity research firms have recently issued their opinions on Bitfarms. Keefe, Bruyette & Woods initiated coverage with an "outperform" rating on January 8th. Meanwhile, HC Wainwright reaffirmed a "buy" rating and set a price target of $4.00 on November 14th. Additionally, Alliance Global Partners began coverage on Bitfarms on December 4th, giving it a "buy" rating with a $6.00 target price. Stifel Canada also raised its rating from "hold" to "moderate buy" on November 22nd. Overall, one analyst has rated the stock with a hold rating, while six have given it a buy rating. As per MarketBeat.com, the average rating for Bitfarms stands at a "Moderate Buy" with a consensus target price of $4.05.

Bitfarms Price Performance

The company's market capitalization is approximately $565.61 million, accompanied by a price-to-earnings ratio of -3.28 and a beta of 3.64. Bitfarms has maintained a quick ratio of 3.68, a current ratio of 3.70, and a notably low debt-to-equity ratio of 0.04. The stock has a fifty-day simple moving average of $1.47 and a two-hundred day moving average of $1.85.

Institutional Investors Weigh In On Bitfarms

Recent moves by institutional investors show a growing interest in Bitfarms. Chesapeake Capital Corp IL increased its stake by 27.9% in the third quarter, now holding 22,000 shares valued at $50,000 after acquiring an additional 4,800 shares. Meanwhile, Gladstone Institutional Advisory LLC raised its investment by 3.2% during the same quarter, owning 159,550 shares now worth $337,000. Lifeworks Advisors LLC also boosted its position in Bitfarms by 42.4%, now having 24,664 shares valued at $37,000 following a purchase of 7,339 shares. Moreover, Cresset Asset Management LLC increased its holdings by 54.6%, acquiring an additional 9,795 shares to hold a total of 27,735 shares worth $41,000. HighTower Advisors LLC also entered the market with a new stake in Bitfarms valued at $25,000. Currently, about 20.59% of Bitfarms' stock is held by institutional investors and hedge funds.

Bitfarms Company Profile

Bitfarms Ltd. is involved in cryptocurrency mining across several locations, including Canada, the United States, Paraguay, and Argentina. The company operates server farms that primarily work on validating Bitcoin transactions, allowing it to earn cryptocurrency from block rewards and transaction fees. Bitfarms also provides electrical services for both commercial and residential customers in Quebec, Canada.

Should You Invest $1,000 in Bitfarms Right Now?

If you are considering investing in Bitfarms, it's important to be informed. While the stock is currently rated as a Moderate Buy by analysts, there are other stocks that have been highlighted as potentially better buys. Top-rated analysts have identified five stocks that they believe hold greater investment potential right now, and Bitfarms is not included in that list. Therefore, investors should conduct further research to determine whether Bitfarms aligns with their investment strategy.

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