Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.01

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped down prior to trading on Wednesday . The stock had previously closed at $2.01, but opened at $1.96. Bitfarms shares last traded at $1.93, with a volume of 959,195 shares changing hands.

Analyst Ratings Changes

Several analysts recently commented on BITF shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a research report on Tuesday, September 3rd. HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, August 22nd. B. Riley cut their price objective on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, May 17th. Finally, Stifel Nicolaus downgraded shares of Bitfarms from a “speculative buy” rating to a “hold” rating and cut their price objective for the stock from $3.25 to $2.30 in a research report on Thursday, May 30th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Performance

The stock has a market capitalization of $808.38 million, a price-to-earnings ratio of -5.29 and a beta of 3.64. The stock’s 50 day moving average is $2.38 and its 200 day moving average is $2.31. The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The firm had revenue of $41.55 million for the quarter, compared to analysts’ expectations of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. On average, analysts predict that Bitfarms Ltd. will post -0.29 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently modified their holdings of the company. WINTON GROUP Ltd purchased a new position in shares of Bitfarms during the 2nd quarter worth about $38,000. VitalStone Financial LLC purchased a new position in shares of Bitfarms during the 1st quarter worth about $37,000. Shell Asset Management Co. purchased a new position in shares of Bitfarms during the 1st quarter worth about $43,000. CCG Wealth Management LLC purchased a new position in shares of Bitfarms during the 1st quarter worth about $50,000. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Bitfarms by 39.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,188 shares of the company’s stock worth $70,000 after acquiring an additional 6,837 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

Bitfarms Company Profile

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.