Bitfarms (NASDAQ:BITF) Shares Gap Down – Time to Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $1.86, but opened at $1.81. Bitfarms shares last traded at $1.73, with a volume of 4,355,372 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on BITF shares. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitfarms in a report on Monday, September 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Bitfarms in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Bitfarms currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Stock Down 7.3 %

The business’s 50 day moving average is $2.02 and its 200-day moving average is $2.22. The stock has a market cap of $781.11 million, a price-to-earnings ratio of -5.31 and a beta of 3.64. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.09 and a current ratio of 5.11.

Bitfarms (NASDAQ:BITF) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. Bitfarms had a negative net margin of 62.79% and a negative return on equity of 18.94%. The firm had revenue of $41.55 million for the quarter, compared to analysts’ expectations of $44.59 million. On average, sell-side analysts predict that Bitfarms Ltd. will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors and hedge funds have recently added to or reduced their stakes in BITF. Tidal Investments LLC boosted its stake in Bitfarms by 58.4% during the 1st quarter. Tidal Investments LLC now owns 6,975,538 shares of the company’s stock worth $15,555,000 after purchasing an additional 2,571,647 shares during the last quarter. Marshall Wace LLP acquired a new stake in Bitfarms during the 2nd quarter worth $4,016,000. Van ECK Associates Corp boosted its stake in Bitfarms by 37.4% during the 2nd quarter. Van ECK Associates Corp now owns 5,163,792 shares of the company’s stock worth $13,271,000 after purchasing an additional 1,404,895 shares during the last quarter. Vident Advisory LLC boosted its stake in Bitfarms by 51.4% during the 1st quarter. Vident Advisory LLC now owns 2,606,970 shares of the company’s stock worth $5,812,000 after purchasing an additional 885,217 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Bitfarms during the 1st quarter worth $1,640,000. Institutional investors and hedge funds 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.