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

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $3.17, but opened at $2.74. Bitfarms shares last traded at $3.0050, with a volume of 30,284,740 shares.

Analysts Set New Price Targets

BITF has been the subject of several research reports. Northland Securities set a $7.00 price objective on Bitfarms in a research note on Monday, October 13th. Jones Trading started coverage on shares of Bitfarms in a research note on Monday, July 21st. They set a “buy” rating and a $2.00 price objective for the company. B. Riley reissued a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitfarms in a research report on Wednesday, October 8th. Finally, Compass Point began coverage on Bitfarms in a research report on Monday, September 15th. They set a “buy” rating on the stock. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.75.

Bitfarms Stock Down 11.5%

The company has a current ratio of 3.11, a quick ratio of 3.03 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average price is $3.49 and its two-hundred day moving average price is $1.92. The firm has a market cap of $1.58 billion, a P/E ratio of -16.91 and a beta of 3.77.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). Bitfarms had a negative return on equity of 9.86% and a negative net margin of 35.09%. As a group, equities research analysts anticipate that Bitfarms Ltd. will post -0.21 EPS for the current year.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BITF. US Bancorp DE bought a new stake in shares of Bitfarms during the 3rd quarter worth $34,000. SG Americas Securities LLC bought a new stake in Bitfarms during the third quarter valued at about $51,000. Weaver Consulting Group acquired a new stake in shares of Bitfarms in the third quarter valued at about $57,000. PFG Investments LLC bought a new position in shares of Bitfarms in the third quarter worth about $71,000. Finally, Truefg LLC bought a new stake in Bitfarms during the 3rd quarter valued at approximately $73,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.