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 $2.95, but opened at $2.75. Bitfarms shares last traded at $2.6950, with a volume of 10,262,390 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Cantor Fitzgerald increased their price target on Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating 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. HC Wainwright restated 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. Weiss Ratings restated a “sell (d-)” rating on shares of Bitfarms in a report on Wednesday, October 8th. Finally, Wall Street Zen lowered Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bitfarms currently has a consensus rating of “Moderate Buy” and an average target price of $4.25.

Bitfarms Trading Down 1.1%

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.20 and a quick ratio of 3.14. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -11.57 and a beta of 3.81. The business’s 50-day moving average price is $2.77 and its two-hundred day moving average price is $2.55.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). The firm had revenue of $69.25 million for the quarter, compared to analyst estimates of $84.66 million. Bitfarms had a negative return on equity of 4.48% and a negative net margin of 48.26%. Research analysts predict that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

Institutional investors and hedge funds have recently bought and sold shares of the company. US Bancorp DE bought a new stake in Bitfarms during the third quarter worth $34,000. Apollon Wealth Management LLC acquired a new position in Bitfarms during the fourth quarter worth about $35,000. WINTON GROUP Ltd acquired a new position in Bitfarms during the second quarter worth about $43,000. Savvy Advisors Inc. bought a new position in shares of Bitfarms in the fourth quarter worth about $49,000. Finally, Baker Avenue Asset Management LP acquired a new stake in shares of Bitfarms in the 2nd quarter valued at approximately $50,000. Institutional investors own 20.59% of the company’s stock.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.