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

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down prior to trading on Monday . The stock had previously closed at $1.86, but opened at $1.81. Bitfarms shares last traded at $1.73, with a volume of 4,355,372 shares traded.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BITF. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Monday, September 23rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Up 4.6 %

The firm has a fifty day simple moving average of $2.01 and a 200-day simple moving average of $2.22. The company has a market capitalization of $819.60 million, a PE ratio of -5.17 and a beta of 3.64. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The firm had revenue of $41.55 million for the quarter, compared to analysts’ expectations of $44.59 million. Equities research analysts anticipate that Bitfarms Ltd. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp grew its position in shares of Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after acquiring an additional 911,952 shares in the last quarter. Gladstone Institutional Advisory LLC raised its stake in Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock worth $337,000 after acquiring an additional 5,000 shares during the period. HBW Advisory Services LLC acquired a new position in Bitfarms in the third quarter valued at approximately $63,000. Cetera Investment Advisers grew its holdings in shares of Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after purchasing an additional 299,273 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Bitfarms by 67.3% in the 2nd quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock worth $395,000 after purchasing an additional 61,624 shares during the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.