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

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $1.67, but opened at $1.62. Bitfarms shares last traded at $1.65, with a volume of 4,809,761 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BITF shares. Alliance Global Partners assumed coverage on Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. Stifel Canada upgraded shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. HC Wainwright reissued a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Thursday, November 14th. Finally, Keefe, Bruyette & Woods began coverage on Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Bitfarms has an average rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Stock Down 2.1 %

The stock has a fifty day moving average of $1.88 and a 200-day moving average of $2.09. The firm has a market capitalization of $740.54 million, a price-to-earnings ratio of -4.54 and a beta of 3.67. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently bought and sold shares of the stock. HighTower Advisors LLC purchased a new position in shares of Bitfarms in the third quarter worth approximately $25,000. Lifeworks Advisors LLC purchased a new position in Bitfarms during the 3rd quarter worth approximately $37,000. Chesapeake Capital Corp IL raised its stake in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after purchasing an additional 4,800 shares during the period. HBW Advisory Services LLC purchased a new stake in shares of Bitfarms in the third quarter valued at $63,000. Finally, Impact Partnership Wealth LLC boosted its position in shares of Bitfarms by 26.1% in the fourth quarter. Impact Partnership Wealth LLC now owns 88,663 shares of the company’s stock worth $132,000 after buying an additional 18,378 shares during the period. Institutional investors and hedge funds own 20.59% of the company’s stock.

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.