Bitfarms (NASDAQ:BITF) Shares Gap Down – What’s Next?

Bitfarms Ltd. (NASDAQ:BITF) shares gapped down prior to trading on Tuesday . The stock had previously closed at $2.05, but opened at $1.98. Bitfarms shares last traded at $2.01, with a volume of 3,203,866 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BITF shares. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. Finally, Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bitfarms presently has an average rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Performance

The company has a market capitalization of $973.80 million, a P/E ratio of -5.97 and a beta of 3.64. The stock’s fifty day moving average price is $2.06 and its 200-day moving average price is $2.25. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Institutional Trading of Bitfarms

A number of hedge funds have recently made changes to their positions in BITF. Chesapeake Capital Corp IL raised its stake in Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after acquiring an additional 4,800 shares during the period. Gladstone Institutional Advisory LLC raised its position in shares of Bitfarms by 3.2% in the third quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock valued at $337,000 after purchasing an additional 5,000 shares during the period. HighTower Advisors LLC acquired a new stake in shares of Bitfarms during the 3rd quarter worth about $25,000. WINTON GROUP Ltd bought a new stake in shares of Bitfarms during the 2nd quarter worth about $38,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Bitfarms by 22.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock valued at $176,000 after buying an additional 15,167 shares during the last quarter. 20.59% of the stock is owned by institutional investors and hedge funds.

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.