Bitfarms (NASDAQ:BITF) Shares Gap Down – Here’s What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened 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 traded.

Analysts Set New Price Targets

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

Bitfarms Price Performance

The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The business’s fifty day moving average is $2.06 and its 200 day moving average is $2.25. The firm has a market capitalization of $910.39 million, a P/E ratio of -5.69 and a beta of 3.64.

Institutional Trading of Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. HighTower Advisors LLC purchased a new position in shares of Bitfarms in the third quarter worth approximately $25,000. WINTON GROUP Ltd bought a new stake in Bitfarms in the second quarter worth approximately $38,000. Lifeworks Advisors LLC bought a new stake in Bitfarms in the third quarter worth approximately $37,000. Shell Asset Management Co. bought a new stake in Bitfarms in the first quarter worth approximately $43,000. Finally, Chesapeake Capital Corp IL grew its position in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after acquiring an additional 4,800 shares in the last quarter. 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.