Bitfarms (NASDAQ:BITF) Shares Gap Down – Here’s Why

Bitfarms Ltd. (NASDAQ:BITF) shares gapped down prior to trading on Tuesday . The stock had previously closed at $2.05, but opened at $1.98. Bitfarms shares last traded at $2.01, with a volume of 3,203,866 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BITF. Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Bitfarms presently has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Trading Up 9.1 %

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 capitalization of $973.80 million, a price-to-earnings ratio of -5.97 and a beta of 3.64. The firm has a fifty day moving average price of $2.06 and a 200-day moving average price of $2.25.

Institutional Investors Weigh In On Bitfarms

A number of large investors have recently bought and sold shares of the company. Chesapeake Capital Corp IL raised its position in shares of Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after buying an additional 4,800 shares in the last quarter. Gladstone Institutional Advisory LLC raised its position in Bitfarms by 3.2% during the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock valued at $337,000 after purchasing an additional 5,000 shares in the last quarter. HighTower Advisors LLC acquired a new position in Bitfarms during the third quarter valued at approximately $25,000. WINTON GROUP Ltd bought a new stake in Bitfarms during the second quarter worth $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Bitfarms by 22.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after purchasing an additional 15,167 shares in 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.