Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.06

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $2.06, but opened at $1.95. Bitfarms shares last traded at $2.01, with a volume of 4,248,888 shares.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BITF shares. Northland Securities started coverage on shares of Bitfarms in a research report on Thursday. They set an “outperform” rating and a $4.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Tuesday, March 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, March 28th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $4.20.

Bitfarms Trading Down 2.4 %

The business’s 50 day moving average price is $2.45 and its two-hundred day moving average price is $2.14. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $716.14 million, a price-to-earnings ratio of -5.43 and a beta of 3.62.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. The company had revenue of $46.24 million for the quarter, compared to the consensus estimate of $39.68 million. During the same period last year, the company posted ($0.07) EPS. On average, equities analysts predict that Bitfarms Ltd. will post -0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Hedge funds have recently added to or reduced their stakes in the business. Quadrature Capital Ltd raised its holdings in Bitfarms by 745.2% during the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock worth $1,090,000 after purchasing an additional 902,708 shares during the last quarter. Invesco Ltd. increased its stake in Bitfarms by 58.2% during the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after purchasing an additional 3,667,681 shares in the last quarter. Bellecapital International Ltd. bought a new stake in Bitfarms during the 4th quarter valued at $66,000. Van ECK Associates Corp increased its stake in Bitfarms by 18.6% during the 3rd quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company’s stock valued at $3,831,000 after purchasing an additional 561,342 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its stake in Bitfarms by 252.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 75,847 shares of the company’s stock valued at $82,000 after purchasing an additional 54,303 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.