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

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $1.67, but opened at $1.62. Bitfarms shares last traded at $1.65, with a volume of 4,809,761 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BITF shares. Alliance Global Partners began coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target for the company. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Bitfarms has a consensus rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Trading Down 2.1 %

The company has a fifty day simple moving average of $1.88 and a two-hundred day simple moving average of $2.09. The company has a market capitalization of $740.54 million, a P/E ratio of -4.54 and a beta of 3.67. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BITF. Van ECK Associates Corp grew its holdings in Bitfarms by 17.7% during the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock valued at $11,969,000 after purchasing an additional 911,952 shares during the last quarter. State Street Corp raised its holdings in Bitfarms by 1.3% in the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock worth $10,376,000 after acquiring an additional 63,916 shares during the period. Geode Capital Management LLC boosted its holdings in Bitfarms by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after acquiring an additional 81,760 shares during the period. Weiss Asset Management LP boosted its stake in Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after purchasing an additional 1,004,400 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Bitfarms in the 2nd quarter valued at approximately $4,016,000. 20.59% of the stock is owned by 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.