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

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened on Friday . The stock had previously closed at $1.69, but opened at $1.64. Bitfarms shares last traded at $1.66, with a volume of 15,812,458 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently commented on BITF shares. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. Alliance Global Partners began coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. Finally, Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Price Performance

The firm has a market capitalization of $761.70 million, a price-to-earnings ratio of -4.67 and a beta of 3.59. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04. The business has a 50-day moving average price of $2.07 and a two-hundred day moving average price of $2.26.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC acquired a new stake in shares of Bitfarms in the third quarter valued at $25,000. Lifeworks Advisors LLC bought a new stake in Bitfarms in the third quarter worth about $37,000. WINTON GROUP Ltd acquired a new stake in Bitfarms in the 2nd quarter valued at about $38,000. Chesapeake Capital Corp IL lifted its holdings in Bitfarms by 27.9% in the 3rd 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. Finally, HBW Advisory Services LLC acquired a new position in shares of Bitfarms in the 3rd quarter worth approximately $63,000. Institutional investors and hedge funds own 20.59% of the company’s stock.

Bitfarms Company Profile

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.