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

Shares of Bitfarms Ltd. (NASDAQ:BITF) 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.

Analyst Upgrades and Downgrades

BITF has been the topic of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Monday. Cantor Fitzgerald started coverage on shares of Bitfarms in a report on Tuesday, June 11th. They set an “overweight” rating and a $5.00 target price on the stock. B. Riley dropped their target price on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, May 17th. Northland Securities started coverage on shares of Bitfarms in a report on Thursday, April 25th. They set an “outperform” rating and a $4.00 target price on the stock. Finally, Stifel Nicolaus cut shares of Bitfarms from a “speculative buy” rating to a “hold” rating and dropped their target price for the stock from $3.25 to $2.30 in a report on Thursday, May 30th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3.88.

Bitfarms Trading Up 1.3 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 3.02 and a quick ratio of 3.02. The business’s fifty day moving average price is $2.04 and its two-hundred day moving average price is $2.40.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Bitfarms had a negative net margin of 64.06% and a negative return on equity of 19.24%. The business had revenue of $50.32 million for the quarter, compared to analysts’ expectations of $50.51 million. As a group, equities research analysts forecast that Bitfarms Ltd. will post -0.2 EPS for the current year.

Institutional Trading of Bitfarms

A number of institutional investors have recently modified their holdings of the company. Invesco Ltd. raised its position 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 purchasing an additional 3,667,681 shares during the last quarter. Quadrature Capital Ltd raised its position in shares of Bitfarms by 745.2% in the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company’s stock valued at $1,090,000 after purchasing an additional 902,708 shares during the last quarter. Insigneo Advisory Services LLC purchased a new position in shares of Bitfarms in the 3rd quarter valued at approximately $90,000. Pasadena Private Wealth LLC purchased a new position in shares of Bitfarms in the 4th quarter valued at approximately $34,000. Finally, DMC Group LLC purchased a new position in shares of Bitfarms in the 4th quarter valued at approximately $47,000. 20.59% of the stock is currently owned by institutional investors.

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.