Bitfarms (NASDAQ:BITF) Shares Gap Down – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF) shares gapped down prior to trading on Friday . The stock had previously closed at $1.69, but opened at $1.64. Bitfarms shares last traded at $1.66, with a volume of 15,812,458 shares traded.

Analyst Ratings Changes

Several equities analysts have commented on the company. Alliance Global Partners initiated coverage on Bitfarms in a report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Bitfarms presently has a consensus rating of “Moderate Buy” and an average price target of $4.05.

Bitfarms Price Performance

The stock has a 50-day simple moving average of $2.07 and a 200 day simple moving average of $2.25. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The company has a market cap of $760.93 million, a P/E ratio of -4.67 and a beta of 3.59.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace LLP bought a new position in shares of Bitfarms during the 2nd quarter worth approximately $4,016,000. Van ECK Associates Corp grew its stake in shares of Bitfarms by 37.4% during the second quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock valued at $13,271,000 after purchasing an additional 1,404,895 shares during the last quarter. Weiss Asset Management LP increased its stake in shares of Bitfarms by 173.6% in the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after buying an additional 1,004,400 shares during the period. K2 Principal Fund L.P. bought a new stake in Bitfarms during the 2nd quarter worth about $816,000. Finally, Cetera Investment Advisers raised its stake in shares of Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after buying an additional 299,273 shares during the last quarter. Institutional investors 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.