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

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened on Monday . The stock had previously closed at $1.24, but opened at $1.17. Bitfarms shares last traded at $1.14, with a volume of 5,498,291 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BITF. HC Wainwright reissued a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Thursday, November 14th. Keefe, Bruyette & Woods initiated coverage on Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Alliance Global Partners assumed coverage on shares of Bitfarms in a research note on Wednesday, December 4th. They set a “buy” rating and a $6.00 price objective on the stock. Finally, Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Bitfarms has an average rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Trading Down 8.5 %

The firm’s 50-day simple moving average is $1.44 and its 200 day simple moving average is $1.83. The stock has a market cap of $544.04 million, a P/E ratio of -3.15 and a beta of 3.68. 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 Investors Weigh In On Bitfarms

Large investors have recently made changes to their positions in the company. HighTower Advisors LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at about $25,000. Money Concepts Capital Corp purchased a new position in Bitfarms in the fourth quarter valued at about $30,000. Guided Capital Wealth Management LLC bought a new position in shares of Bitfarms in the 4th quarter valued at approximately $30,000. National Bank of Canada FI boosted its position in Bitfarms by 2,629.2% during the fourth quarter. National Bank of Canada FI now owns 20,633 shares of the company’s stock worth $31,000 after purchasing an additional 19,877 shares during the period. Finally, Olympiad Research LP acquired a new position in Bitfarms during the fourth quarter valued at approximately $36,000. 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.