Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.18

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened on Monday . The stock had previously closed at $2.18, but opened at $1.70. Bitfarms shares last traded at $1.95, with a volume of 5,430,745 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BITF. B. Riley dropped their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, May 17th. Northland Securities started coverage on Bitfarms in a research report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, July 18th. Stifel Nicolaus downgraded Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their price objective for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. Finally, Cantor Fitzgerald started coverage on Bitfarms in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $3.88.

Bitfarms Price Performance

The company has a market capitalization of $867.73 million, a price-to-earnings ratio of -5.39 and a beta of 3.68. The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. The company has a 50 day simple moving average of $2.59 and a 200 day simple moving average of $2.40.

Bitfarms (NASDAQ:BITF) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.03) by $0.01. The company had revenue of $50.32 million during the quarter, compared to analyst estimates of $50.51 million. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. As a group, research analysts predict that Bitfarms Ltd. will post -0.31 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds have recently bought and sold shares of BITF. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Bitfarms by 27.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,126,022 shares of the company’s stock worth $9,127,000 after buying an additional 677,799 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in Bitfarms by 7.8% during the 4th quarter. Vontobel Holding Ltd. now owns 81,747 shares of the company’s stock worth $238,000 after buying an additional 5,900 shares during the last quarter. Sloy Dahl & Holst LLC bought a new position in Bitfarms during the 4th quarter worth approximately $44,000. Headlands Technologies LLC lifted its holdings in Bitfarms by 64.7% during the 4th quarter. Headlands Technologies LLC now owns 18,908 shares of the company’s stock worth $55,000 after buying an additional 7,429 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Bitfarms by 16.7% during the 4th quarter. Van ECK Associates Corp now owns 4,179,875 shares of the company’s stock worth $12,163,000 after buying an additional 599,506 shares during the last quarter. 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.