Bitfarms (NASDAQ:BITF) Shares Gap Down to $1.96

Bitfarms Ltd. (NASDAQ:BITF) shares gapped down prior to trading on Wednesday . The stock had previously closed at $1.96, but opened at $1.90. Bitfarms shares last traded at $1.95, with a volume of 1,496,809 shares traded.

Analyst Ratings Changes

Several research analysts have weighed in on BITF shares. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, August 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research note on Tuesday. Stifel Nicolaus cut shares of Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their price objective for the stock from $3.25 to $2.30 in a research note on Thursday, May 30th. Finally, B. Riley reduced their price objective on shares of Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Friday, May 17th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.66.

Bitfarms Stock Up 0.3 %

The company has a market capitalization of $804.53 million, a PE ratio of -5.16 and a beta of 3.68. The company’s 50 day moving average is $2.44 and its two-hundred day moving average is $2.36. The company has a quick ratio of 5.09, a current ratio of 5.11 and a debt-to-equity ratio of 0.03.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. The company had revenue of $41.55 million during the quarter, compared to analysts’ expectations of $44.59 million. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. On average, analysts anticipate that Bitfarms Ltd. will post -0.29 earnings per share for the current year.

Hedge Funds Weigh In On Bitfarms

A number of institutional investors and hedge funds have recently made changes to their positions in BITF. VitalStone Financial LLC purchased a new position in shares of Bitfarms in the 1st quarter worth $37,000. WINTON GROUP Ltd purchased a new position in shares of Bitfarms in the 2nd quarter worth $38,000. Shell Asset Management Co. purchased a new position in shares of Bitfarms in the 1st quarter worth $43,000. CCG Wealth Management LLC purchased a new position in shares of Bitfarms in the 1st quarter worth $50,000. Finally, Evanson Asset Management LLC lifted its holdings in shares of Bitfarms by 58.1% in the 1st quarter. Evanson Asset Management LLC now owns 28,456 shares of the company’s stock worth $63,000 after acquiring an additional 10,457 shares during the last quarter. 20.59% of the stock is owned by hedge funds and other 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.