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

Shares of 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 trading hands.

Analyst Upgrades and Downgrades

BITF has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. Alliance Global Partners began coverage on Bitfarms in a report on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. Finally, Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Trading Up 3.0 %

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 stock has a 50 day simple moving average of $2.06 and a 200-day simple moving average of $2.27. The firm has a market cap of $937.58 million, a P/E ratio of -5.58 and a beta of 3.59.

Institutional Trading of Bitfarms

A number of large investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its stake in Bitfarms by 17.7% in the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company’s stock worth $11,969,000 after acquiring an additional 911,952 shares during the last quarter. State Street Corp increased its position in shares of Bitfarms by 1.3% during the 3rd quarter. State Street Corp now owns 4,917,729 shares of the company’s stock valued at $10,376,000 after purchasing an additional 63,916 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Bitfarms by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after purchasing an additional 81,760 shares during the last quarter. Weiss Asset Management LP increased its position in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock valued at $3,340,000 after purchasing an additional 1,004,400 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Bitfarms during the 2nd quarter valued at approximately $4,016,000. 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.