Bitfarms (NASDAQ:BITF) Shares Gap Down – Here’s What Happened

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down before the market opened on Monday . The stock had previously closed at $3.48, but opened at $3.23. Bitfarms shares last traded at $3.2950, with a volume of 17,478,379 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BITF shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. Wall Street Zen cut shares of Bitfarms from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Cantor Fitzgerald boosted their price target on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Finally, B. Riley reaffirmed a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $4.54.

Bitfarms Price Performance

The company has a quick ratio of 3.14, a current ratio of 3.20 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -14.16 and a beta of 3.78. The company has a fifty day moving average price of $3.63 and a two-hundred day moving average price of $2.07.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. The firm had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. On average, equities research analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE purchased a new stake in Bitfarms during the 3rd quarter worth about $34,000. Arkadios Wealth Advisors purchased a new stake in Bitfarms in the first quarter valued at approximately $39,000. WINTON GROUP Ltd acquired a new position in Bitfarms during the second quarter worth approximately $43,000. Baker Avenue Asset Management LP purchased a new position in Bitfarms during the second quarter worth approximately $50,000. Finally, SG Americas Securities LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at $51,000. 20.59% of the stock is owned by hedge funds and other 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.