Bitfarms (NASDAQ:BITF) Shares Gap Down – Time to Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $2.04, but opened at $1.96. Bitfarms shares last traded at $1.98, with a volume of 5,105,346 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on BITF shares. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. Finally, Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Price Performance

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’s 50-day simple moving average is $2.07 and its two-hundred day simple moving average is $2.26.

Hedge Funds Weigh In On Bitfarms

A number of hedge funds have recently bought and sold shares of the company. Barclays PLC acquired a new stake in Bitfarms during the 3rd quarter worth about $161,000. Geode Capital Management LLC grew its stake in Bitfarms by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after purchasing an additional 81,760 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Bitfarms in the third quarter worth approximately $201,000. XTX Topco Ltd bought a new stake in Bitfarms in the third quarter worth approximately $254,000. Finally, Weiss Asset Management LP lifted its stake in Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after buying an additional 1,004,400 shares during the period. Institutional investors 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.