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

Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened on Monday . The stock had previously closed at $2.29, but opened at $2.23. Bitfarms shares last traded at $2.17, with a volume of 37,215,859 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. Alliance Global Partners assumed coverage on Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.05.

Bitfarms Stock Up 3.0 %

The firm has a market capitalization of $937.58 million, a PE ratio of -5.58 and a beta of 3.59. The company has a fifty day simple moving average of $2.06 and a two-hundred day simple moving average of $2.27. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70.

Institutional Investors Weigh In On Bitfarms

Several hedge funds have recently made changes to their positions in the company. 272 Capital LP purchased a new stake in shares of Bitfarms in the 3rd quarter worth $222,000. Barclays PLC purchased a new stake in shares of Bitfarms in the 3rd quarter worth $161,000. Geode Capital Management LLC lifted its holdings in shares of Bitfarms by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after buying an additional 81,760 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Bitfarms in the 3rd quarter worth $201,000. Finally, XTX Topco Ltd purchased a new stake in shares of Bitfarms during the 3rd quarter worth $254,000. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.