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

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $1.16, but opened at $1.28. Bitfarms shares last traded at $1.21, with a volume of 13,190,309 shares trading hands.Wall Street Analysts Forecast GrowthCrypto Miners Strike Gold in AI: Stocks to Watch Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a research note on Wednesday, January 8th. They set an "outperform" rating for the company. HC Wainwright reaffirmed a "buy" rating and issued a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. Alliance Global Partners initiated coverage on shares of Bitfarms in a report on Wednesday, December 4th. They set a "buy" rating and a $6.00 price target for the company. Finally, Stifel Canada raised Bitfarms from a "hold" rating to a "moderate buy" rating in a report on Friday, November 22nd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $4.05.Read Our Latest Analysis on BitfarmsBitfarms Price PerformanceBeyond the Halving: The Future of Bitcoin Mining StocksThe company has a market cap of $565.61 million, a price-to-earnings ratio of -3.28 and a beta of 3.64. 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 company has a fifty day simple moving average of $1.47 and a two-hundred day simple moving average of $1.85. Institutional Investors Weigh In On BitfarmsA number of large investors have recently added to or reduced their stakes in the business. Chesapeake Capital Corp IL raised its position in shares of Bitfarms by 27.9% during 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 last quarter. Gladstone Institutional Advisory LLC increased its position in Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company's stock worth $337,000 after buying an additional 5,000 shares in the last quarter. Lifeworks Advisors LLC increased its position in Bitfarms by 42.4% during the fourth quarter. Lifeworks Advisors LLC now owns 24,664 shares of the company's stock worth $37,000 after buying an additional 7,339 shares in the last quarter. Cresset Asset Management LLC raised its holdings in shares of Bitfarms by 54.6% in the fourth quarter. Cresset Asset Management LLC now owns 27,735 shares of the company's stock worth $41,000 after acquiring an additional 9,795 shares during the last quarter. Finally, HighTower Advisors LLC acquired a new stake in shares of Bitfarms during the third quarter valued at $25,000. 20.59% of the stock is owned by institutional investors and hedge funds. Bitfarms Company Profile (Get Free Report)5 crypto penny stocks under $5Bitfarms 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.See AlsoFive stocks we like better than BitfarmsShort Selling: How to Short a StockCorporate Crawl: Where Business Trips Turn Into Party Nights 3 Must-Buy Warren Buffett Stocks for Volatile TimesCrowdStrike's Growth Remains Strong—Buy While It's DownWhy Are Stock Sectors Important to Successful Investing?Is Advanced Micro Devices Stock Slide Over?This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Bitfarms Right Now?Before you consider Bitfarms, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bitfarms wasn't on the list.While Bitfarms currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here