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

Bitfarms Ltd. (NASDAQ:BITF) shares gapped down prior to trading on Monday . The stock had previously closed at $1.24, but opened at $1.17. Bitfarms shares last traded at $1.14, with a volume of 5,498,291 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 22nd. HC Wainwright restated a “buy” rating and set a $4.00 price objective on shares of Bitfarms in a research note on Thursday, November 14th. Alliance Global Partners started coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 target price for the company. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bitfarms presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Trading Up 2.7 %

The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $546.44 million, a P/E ratio of -3.17 and a beta of 3.68. The firm’s 50-day simple moving average is $1.43 and its 200 day simple moving average is $1.81.

Institutional Trading of Bitfarms

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. MMCAP International Inc. SPC grew its position in Bitfarms by 617.9% in the fourth quarter. MMCAP International Inc. SPC now owns 13,352,745 shares of the company’s stock worth $19,896,000 after buying an additional 11,492,650 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Bitfarms by 106.6% during the 4th quarter. Van ECK Associates Corp now owns 12,553,729 shares of the company’s stock worth $18,705,000 after acquiring an additional 6,477,985 shares in the last quarter. Vident Advisory LLC grew its holdings in shares of Bitfarms by 87.6% in the 4th quarter. Vident Advisory LLC now owns 6,058,078 shares of the company’s stock worth $9,016,000 after acquiring an additional 2,828,703 shares during the last quarter. Paloma Partners Management Co raised its position in shares of Bitfarms by 620.8% during the fourth quarter. Paloma Partners Management Co now owns 1,801,900 shares of the company’s stock worth $2,685,000 after purchasing an additional 1,551,900 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Bitfarms by 121.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,501,953 shares of the company’s stock valued at $3,728,000 after purchasing an additional 1,370,102 shares during the last quarter. 20.59% of the stock is currently owned by 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.