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

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BITF. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a report on Thursday, October 3rd. Keefe, Bruyette & Woods began coverage on Bitfarms in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. HC Wainwright reiterated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Finally, Alliance Global Partners assumed coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have assigned 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 $4.05.

Bitfarms Trading Down 3.0 %

The stock has a 50-day moving average of $1.85 and a 200 day moving average of $2.08. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Hedge Funds Weigh In On Bitfarms

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Chesapeake Capital Corp IL increased its stake in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after acquiring an additional 4,800 shares during the last quarter. Gladstone Institutional Advisory LLC increased its stake in shares of Bitfarms by 3.2% in the 3rd quarter. Gladstone Institutional Advisory LLC now owns 159,550 shares of the company’s stock valued at $337,000 after purchasing an additional 5,000 shares during the last quarter. HighTower Advisors LLC acquired a new position in shares of Bitfarms during the 3rd quarter worth $25,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Bitfarms by 22.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,562 shares of the company’s stock worth $176,000 after buying an additional 15,167 shares during the last quarter. Finally, Lifeworks Advisors LLC acquired a new stake in Bitfarms in the third quarter valued at about $37,000. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.