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

Bitfarms Ltd. (NASDAQ:BITF) gapped down prior to trading 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.

Wall Street Analyst Weigh In

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

Bitfarms Stock Performance

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 fifty day moving average of $2.06 and a 200-day moving average of $2.27.

Institutional Trading of Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the business. HighTower Advisors LLC bought a new stake in shares of Bitfarms during the 3rd quarter worth about $25,000. WINTON GROUP Ltd acquired a new position in shares of Bitfarms during the 2nd quarter worth about $38,000. Lifeworks Advisors LLC acquired a new position in Bitfarms in the 3rd quarter valued at approximately $37,000. Chesapeake Capital Corp IL raised its holdings in Bitfarms by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after acquiring an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC acquired a new position in shares of Bitfarms in the 3rd quarter worth approximately $63,000. Institutional investors and hedge funds 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.