Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.36

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened on Wednesday . The stock had previously closed at $2.36, but opened at $2.18. Bitfarms shares last traded at $2.21, with a volume of 4,140,610 shares changing hands.

Wall Street Analyst Weigh In

BITF has been the subject of a number of recent analyst reports. B. Riley reduced their price target on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, May 17th. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday. Stifel Nicolaus lowered shares of Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their price target for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. Cantor Fitzgerald initiated coverage on shares of Bitfarms in a research report on Tuesday, June 11th. They set an “overweight” rating and a $5.00 price target for the company. Finally, Northland Securities initiated coverage on shares of Bitfarms in a research report on Thursday, April 25th. They set an “outperform” rating and a $4.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Price Performance

The firm’s 50-day moving average is $2.58 and its 200-day moving average is $2.40. The company has a market capitalization of $925.03 million, a PE ratio of -5.95 and a beta of 3.68. The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers boosted its position in Bitfarms by 42.7% during the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock valued at $2,579,000 after buying an additional 299,273 shares during the period. Mackenzie Financial Corp boosted its position in Bitfarms by 67.3% during the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock valued at $395,000 after buying an additional 61,624 shares during the period. K2 Principal Fund L.P. purchased a new stake in Bitfarms during the second quarter valued at about $816,000. Marshall Wace LLP bought a new position in shares of Bitfarms during the second quarter valued at about $4,016,000. Finally, WINTON GROUP Ltd bought a new position in shares of Bitfarms during the second quarter valued at about $38,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.