Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.25

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $2.25, but opened at $2.17. Bitfarms shares last traded at $2.14, with a volume of 2,061,976 shares traded.

Wall Street Analyst Weigh In

BITF has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Down 6.7 %

The company’s 50 day moving average price is $2.23 and its two-hundred day moving average price is $2.25. The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. The firm has a market cap of $859.54 million, a PE ratio of -5.55 and a beta of 3.64.

Bitfarms (NASDAQ:BITF) last released its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. The company had revenue of $41.55 million for the quarter, compared to the consensus estimate of $44.59 million. Bitfarms had a negative return on equity of 18.94% and a negative net margin of 62.79%. On average, equities research analysts expect that Bitfarms Ltd. will post -0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BITF. VitalStone Financial LLC bought a new stake in Bitfarms during the 1st quarter worth approximately $37,000. WINTON GROUP Ltd bought a new stake in shares of Bitfarms during the 2nd quarter valued at $38,000. Shell Asset Management Co. purchased a new position in shares of Bitfarms during the 1st quarter valued at $43,000. CCG Wealth Management LLC purchased a new position in shares of Bitfarms during the 1st quarter valued at $50,000. Finally, Evanson Asset Management LLC boosted its holdings in Bitfarms by 58.1% in the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after buying an additional 10,457 shares during the period. 20.59% of the stock is currently owned by 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.