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

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down before the market opened 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

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

Bitfarms Trading Down 1.3 %

The company has a current ratio of 5.11, a quick ratio of 5.09 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $781.78 million, a P/E ratio of -5.03 and a beta of 3.68. The business has a 50 day moving average of $2.42 and a 200-day moving average of $2.35.

Bitfarms (NASDAQ:BITF) last released its quarterly 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. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The company had revenue of $41.55 million during the quarter, compared to analysts’ expectations of $44.59 million. Analysts anticipate that Bitfarms Ltd. will post -0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitfarms

A number of large investors have recently added to or reduced their stakes in BITF. Swiss National Bank bought a new stake in shares of Bitfarms in the first quarter valued at about $1,426,000. Shell Asset Management Co. acquired a new stake in Bitfarms in the 1st quarter valued at approximately $43,000. Cetera Investment Advisers acquired a new stake in Bitfarms in the 1st quarter valued at approximately $1,558,000. Shariaportfolio Inc. bought a new stake in Bitfarms in the 4th quarter valued at approximately $2,051,000. Finally, Quadrature Capital Ltd acquired a new position in Bitfarms during the 1st quarter worth approximately $1,640,000. Institutional investors 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.