Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.94

Bitfarms Ltd. (NASDAQ:BITF) shares gapped down before the market opened on Monday . The stock had previously closed at $2.94, but opened at $2.73. Bitfarms shares last traded at $2.78, with a volume of 4,944,864 shares.

Analyst Ratings Changes

Several research firms recently issued reports on BITF. Cantor Fitzgerald began coverage on Bitfarms in a research note on Tuesday, June 11th. They set an “overweight” rating and a $5.00 target price on the stock. B. Riley reduced their price target on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, May 17th. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a research report on Monday, June 17th. Stifel Nicolaus lowered Bitfarms from a “speculative buy” rating to a “hold” rating and reduced their price target for the company from $3.25 to $2.30 in a research report on Thursday, May 30th. Finally, Northland Securities started coverage on Bitfarms in a research report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $3.88.

Bitfarms Trading Up 3.7 %

The firm has a market cap of $1.09 billion, a PE ratio of -7.32 and a beta of 3.68. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average price of $2.18 and a 200 day moving average price of $2.44.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Bitfarms had a negative return on equity of 19.24% and a negative net margin of 64.06%. The business had revenue of $50.32 million for the quarter, compared to the consensus estimate of $50.51 million. Analysts forecast that Bitfarms Ltd. will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Capital Performance Advisors LLP purchased a new position in Bitfarms during the 4th quarter worth approximately $29,000. Pasadena Private Wealth LLC purchased a new position in Bitfarms during the 4th quarter worth approximately $34,000. Sloy Dahl & Holst LLC purchased a new position in Bitfarms during the 4th quarter worth approximately $44,000. DMC Group LLC purchased a new position in Bitfarms during the 4th quarter worth approximately $47,000. Finally, VitalStone Financial LLC purchased a new position in Bitfarms during the 1st quarter worth approximately $37,000. Hedge funds and other 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.