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

Bitfarms Ltd. (NASDAQ:BITF) gapped down prior to trading on Monday . The stock had previously closed at $3.48, but opened at $3.23. Bitfarms shares last traded at $3.2950, with a volume of 17,478,379 shares traded.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $4.00 target price (down previously from $5.50) on shares of Bitfarms in a research note on Friday, November 14th. Northland Securities set a $7.00 price objective on shares of Bitfarms in a report on Monday, October 13th. Macquarie reissued an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. B. Riley restated a “buy” rating on shares of Bitfarms in a research report on Wednesday, October 22nd. Finally, Cantor Fitzgerald lifted their price target on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Eight analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $4.54.

Bitfarms Stock Performance

The business’s fifty day moving average price is $3.65 and its two-hundred day moving average price is $2.10. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.14 and a current ratio of 3.20. The stock has a market capitalization of $1.75 billion, a P/E ratio of -13.48 and a beta of 3.78.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting analysts’ consensus estimates of ($0.02). The firm had revenue of $69.25 million during the quarter, compared to the consensus estimate of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. As a group, sell-side analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

Several large investors have recently modified their holdings of the stock. Western Wealth Management LLC raised its holdings in Bitfarms by 12.8% during the 3rd quarter. Western Wealth Management LLC now owns 26,586 shares of the company’s stock valued at $75,000 after buying an additional 3,024 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Bitfarms by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 287,566 shares of the company’s stock valued at $811,000 after acquiring an additional 9,713 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of Bitfarms by 36.9% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,389 shares of the company’s stock valued at $111,000 after acquiring an additional 10,619 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Bitfarms by 1.4% in the 2nd quarter. Cetera Investment Advisers now owns 789,700 shares of the company’s stock worth $664,000 after acquiring an additional 10,622 shares during the last quarter. Finally, US Bancorp DE bought a new stake in shares of Bitfarms in the 3rd quarter worth about $34,000. Institutional investors own 20.59% of the company’s stock.

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.