Bitfarms (NASDAQ:BITF) Shares Gap Down – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $2.95, but opened at $2.75. Bitfarms shares last traded at $2.6950, with a volume of 10,262,390 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BITF. B. Riley restated a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. HC Wainwright reissued a “buy” rating and issued a $4.00 price target (down from $5.50) on shares of Bitfarms in a research report on Friday, November 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a research note on Wednesday, October 8th. Cantor Fitzgerald lifted their price target on Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Finally, Northland Securities set a $7.00 price target on shares of Bitfarms in a report on Monday, October 13th. Seven 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 MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $4.25.

Bitfarms Stock Down 7.3%

The company’s 50 day simple moving average is $2.79 and its 200-day simple moving average is $2.54. The firm has a market cap of $1.64 billion, a P/E ratio of -11.89 and a beta of 3.81. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last announced its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). The business had revenue of $69.25 million during the quarter, compared to analyst estimates of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. Research analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of the stock. US Bancorp DE purchased a new stake in Bitfarms in the third quarter worth about $34,000. SG Americas Securities LLC purchased a new stake in Bitfarms in the 3rd quarter worth approximately $51,000. Swiss Life Asset Management Ltd bought a new stake in Bitfarms during the 3rd quarter worth approximately $56,000. Weaver Consulting Group purchased a new position in Bitfarms during the third quarter valued at approximately $57,000. Finally, Savvy Advisors Inc. bought a new position in Bitfarms in the 4th quarter worth $49,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

Bitfarms Company Profile

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.