Bitfarms (NASDAQ:BITF) Shares Gap Down to $3.14

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $3.14, but opened at $3.02. Bitfarms shares last traded at $3.07, with a volume of 3,769,178 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently commented on BITF. Stifel Nicolaus lowered Bitfarms from a “speculative buy” rating to a “hold” rating and decreased their target price for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. B. Riley decreased their target price on Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, May 17th. Northland Securities began coverage on Bitfarms in a research report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 target price for the company. Cantor Fitzgerald began coverage on Bitfarms in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 target price for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price on shares of Bitfarms in a research report on Monday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and an average price target of $3.88.

Bitfarms Price Performance

The business has a 50 day moving average price of $2.07 and a two-hundred day moving average price of $2.41. The stock has a market cap of $1.23 billion, a PE ratio of -8.29 and a beta of 3.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.02 and a current ratio of 3.02.

Bitfarms (NASDAQ:BITF) last announced its earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The firm had revenue of $50.32 million for the quarter, compared to the consensus estimate of $50.51 million. Research analysts expect that Bitfarms Ltd. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

Several institutional investors have recently bought and sold shares of BITF. Invesco Ltd. lifted its stake in Bitfarms by 58.2% in the third 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 during the last quarter. 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 valued at $1,090,000 after acquiring an additional 902,708 shares during the period. Insigneo Advisory Services LLC bought a new stake in Bitfarms during the 3rd quarter valued at $90,000. Pasadena Private Wealth LLC bought a new stake in Bitfarms during the 4th quarter valued at $34,000. Finally, DMC Group LLC bought a new stake in Bitfarms during the 4th quarter valued at $47,000. Hedge funds and other 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.