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

Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened on Monday . The stock had previously closed at $2.14, but opened at $2.05. Bitfarms shares last traded at $2.1730, with a volume of 9,417,500 shares trading hands.

Analyst Ratings Changes

Several research analysts have commented on BITF shares. Macquarie Infrastructure restated an “outperform” rating on shares of Bitfarms in a report on Monday, October 13th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $3.00 price objective (up previously from $2.50) on shares of Bitfarms in a research report on Tuesday, January 27th. Cantor Fitzgerald increased their price target on shares of Bitfarms from $2.20 to $5.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. HC Wainwright reiterated a “buy” rating and set a $4.00 target price (down from $5.50) on shares of Bitfarms in a report on Friday, November 14th. Finally, Wall Street Zen downgraded shares of Bitfarms from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.04.

Bitfarms Stock Up 5.8%

The company’s 50 day moving average price is $2.67 and its two-hundred day moving average price is $2.67. The stock has a market cap of $1.36 billion, a P/E ratio of -9.85 and a beta of 3.81. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). The firm had revenue of $69.25 million for the quarter, compared to the consensus estimate of $84.66 million. Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. Equities analysts forecast that Bitfarms Ltd. will post -0.21 earnings per share for the current year.

Institutional Investors Weigh In On Bitfarms

Hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Bitfarms by 108.5% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,853 shares of the company’s stock valued at $233,000 after acquiring an additional 144,593 shares during the last quarter. Voya Investment Management LLC purchased a new stake in Bitfarms in the 3rd quarter valued at $2,349,000. Thames Capital Management LLC purchased a new stake in shares of Bitfarms in the 3rd quarter valued at approximately $19,834,000. Chicago Partners Investment Group LLC purchased a new position in Bitfarms in the second quarter worth approximately $161,000. Finally, TD Asset Management Inc raised its holdings in Bitfarms by 34.4% in the 2nd quarter. TD Asset Management Inc now owns 538,314 shares of the company’s stock valued at $446,000 after buying an additional 137,782 shares during the period. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.