Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.06

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $2.06, but opened at $1.95. Bitfarms shares last traded at $2.01, with a volume of 4,248,888 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. HC Wainwright restated a "buy" rating and set a $4.00 target price on shares of Bitfarms in a report on Tuesday, March 26th. Northland Securities began coverage on shares of Bitfarms in a report on Thursday. They issued an "outperform" rating and a $4.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $4.00 price target on shares of Bitfarms in a report on Thursday, March 28th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Bitfarms presently has a consensus rating of "Buy" and an average target price of $4.20.

Bitfarms Trading Down 2.7 %

The company has a market cap of $714.36 million, a price-to-earnings ratio of -5.42 and a beta of 3.62. The business's 50 day moving average price is $2.42 and its 200-day moving average price is $2.14. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF - Get Free Report) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The company had revenue of $46.24 million during the quarter, compared to analysts' expectations of $39.68 million. Bitfarms had a negative return on equity of 19.58% and a negative net margin of 70.53%. During the same quarter in the previous year, the company posted ($0.07) earnings per share. On average, equities analysts anticipate that Bitfarms Ltd. will post -0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. grew its stake in shares of Bitfarms by 252.1% in the third quarter. Vontobel Holding Ltd. now owns 75,847 shares of the company's stock valued at $82,000 after acquiring an additional 54,303 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Bitfarms during the 3rd quarter worth approximately $188,000. Oxinas Partners Wealth Management LLC bought a new position in shares of Bitfarms during the third quarter worth approximately $65,000. Van ECK Associates Corp raised its position in shares of Bitfarms by 18.6% in the third quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company's stock valued at $3,831,000 after buying an additional 561,342 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Bitfarms by 58.2% in the third quarter. Invesco Ltd. now owns 9,969,427 shares of the company's stock valued at $10,667,000 after buying an additional 3,667,681 shares during the period. Institutional investors 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.