Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.53

Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened on Wednesday . The stock had previously closed at $2.53, but opened at $2.47. Bitfarms shares last traded at $2.49, with a volume of 1,975,566 shares traded.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Cantor Fitzgerald assumed coverage on Bitfarms in a research note on Tuesday, June 11th. They set an “overweight” rating and a $5.00 price objective on the stock. Stifel Nicolaus lowered Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their price objective for the stock from $3.25 to $2.30 in a research note on Thursday, May 30th. Northland Securities assumed coverage on Bitfarms in a research note on Thursday, April 25th. They set an “outperform” rating and a $4.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Monday, June 17th. Finally, B. Riley lowered their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Friday, May 17th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $3.88.

Bitfarms Price Performance

The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. The company has a market cap of $1.03 billion, a PE ratio of -6.61 and a beta of 3.68. The stock has a 50-day simple moving average of $2.26 and a 200 day simple moving average of $2.44.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, beating 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 company had revenue of $50.32 million for the quarter, compared to the consensus estimate of $50.51 million. Equities analysts expect that Bitfarms Ltd. will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. raised its holdings in shares of Bitfarms by 58.2% in the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company’s stock valued at $10,667,000 after buying an additional 3,667,681 shares during the period. Bellecapital International Ltd. purchased a new stake in shares of Bitfarms in the 4th quarter valued at $66,000. Shariaportfolio Inc. purchased a new stake in shares of Bitfarms in the 4th quarter valued at $2,051,000. Sloy Dahl & Holst LLC purchased a new stake in shares of Bitfarms in the 4th quarter valued at $44,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of Bitfarms in the 4th quarter valued at $804,000. Hedge funds and other institutional investors own 20.59% of the company’s stock.

Bitfarms Company Profile

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.