Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.06

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $2.06, but opened at $1.95. Bitfarms shares last traded at $2.01, with a volume of 4,248,888 shares traded.

Wall Street Analyst Weigh In

Several analysts have commented on BITF shares. Northland Securities started coverage on Bitfarms in a research note on Thursday. They set an “outperform” rating and a $4.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research note on Tuesday, March 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 target price on shares of Bitfarms in a research note on Thursday, March 28th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Bitfarms has an average rating of “Buy” and a consensus price target of $4.20.

Bitfarms Trading Down 2.2 %

The firm has a 50 day simple moving average of $2.39 and a 200 day simple moving average of $2.14. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $698.33 million, a PE ratio of -5.30 and a beta of 3.62.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $46.24 million for the quarter, compared to analysts’ expectations of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same period in the prior year, the firm earned ($0.07) EPS. Equities analysts expect that Bitfarms Ltd. will post -0.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently modified their holdings of BITF. Invesco Ltd. lifted its holdings in shares of Bitfarms by 58.2% during the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after buying an additional 3,667,681 shares during the period. Quadrature Capital Ltd lifted its holdings in shares of Bitfarms by 745.2% during the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after buying an additional 902,708 shares during the period. Shariaportfolio Inc. bought a new position in Bitfarms in the 4th quarter worth $2,051,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Bitfarms by 27.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after purchasing an additional 677,799 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Bitfarms by 16.7% in the 4th quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock worth $12,163,000 after purchasing an additional 599,506 shares during the period. 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.