Bitfarms (NASDAQ:BITF) Shares Gap Down - What's Next?

Key Points

• Bitfarms Ltd. shares opened at $2.59 after gapping down from a previous close of $2.78, with the last traded price at $2.63 and a trading volume of 18,037,389 shares.
• Analysts have generally rated Bitfarms positively, with a consensus rating of "Buy" and an average price target of $3.95, although the company reported a loss of ($0.02) per share in its latest quarter.
• Several hedge funds increased their holdings in Bitfarms significantly during recent quarters, indicating growing institutional interest in the stock.

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $2.78, but opened at $2.59. Bitfarms shares last traded at $2.63, with a volume of 18,037,389 shares.

Analyst Upgrades and Downgrades

BITF has been the topic of several analyst reports. Jones Trading began coverage on shares of Bitfarms in a report on Monday, July 21st. They set a "buy" rating and a $2.00 price target on the stock. Compass Point initiated coverage on shares of Bitfarms in a report on Monday, September 15th. They issued a "buy" rating on the stock. Finally, Wall Street Zen raised shares of Bitfarms from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $3.95.

Bitfarms Stock Performance

The company has a market cap of $1.53 billion, a PE ratio of -16.02 and a beta of 3.50. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.03 and a current ratio of 3.11. The firm's 50 day moving average is $1.57 and its 200-day moving average is $1.16.

Bitfarms (NASDAQ:BITF - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. The business had revenue of $77.80 million for the quarter, compared to analysts' expectations of $79.78 million. On average, research analysts anticipate that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Several hedge funds have recently made changes to their positions in BITF. Vident Advisory LLC boosted its position in shares of Bitfarms by 70.0% during the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company's stock worth $9,538,000 after purchasing an additional 4,677,425 shares during the period. Invesco Ltd. boosted its position in shares of Bitfarms by 40.4% during the 2nd quarter. Invesco Ltd. now owns 13,234,973 shares of the company's stock worth $11,120,000 after purchasing an additional 3,806,810 shares during the period. Continental General Insurance Co. purchased a new position in shares of Bitfarms during the 1st quarter worth approximately $2,124,000. Charles Schwab Investment Management Inc. boosted its position in shares of Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company's stock worth $3,002,000 after purchasing an additional 1,306,212 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Bitfarms by 28.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,493,643 shares of the company's stock worth $4,316,000 after purchasing an additional 1,223,201 shares during the period. 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.

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