Bitfarms (NASDAQ:BITF) Shares Gap Down to $1.73

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $1.73, but opened at $1.62. Bitfarms shares last traded at $1.62, with a volume of 7,308,274 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently commented on BITF shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday, March 28th. HC Wainwright reiterated a "buy" rating and issued a $4.00 price objective on shares of Bitfarms in a report on Tuesday, March 26th. Finally, Northland Securities started coverage on Bitfarms in a report on Thursday, April 25th. They issued an "outperform" rating and a $4.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $4.20.

Bitfarms Stock Down 8.1 %

The business has a 50 day moving average of $2.08 and a 200-day moving average of $2.22. The stock has a market cap of $566.50 million, a PE ratio of -4.30 and a beta of 3.65. 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 released its quarterly earnings results 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 firm had revenue of $46.24 million for the quarter, compared to the consensus estimate 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 last year, the business posted ($0.07) EPS. Equities research analysts predict that Bitfarms Ltd. will post -0.09 EPS for the current fiscal year.

Institutional Trading of Bitfarms

Hedge funds have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd lifted its position in Bitfarms by 745.2% during the 3rd quarter. Quadrature Capital Ltd now owns 1,023,847 shares of the company's stock worth $1,090,000 after acquiring an additional 902,708 shares during the period. Invesco Ltd. lifted its position in Bitfarms by 58.2% during the 3rd quarter. Invesco Ltd. now owns 9,969,427 shares of the company's stock worth $10,667,000 after acquiring an additional 3,667,681 shares during the period. Bellecapital International Ltd. acquired a new stake in Bitfarms during the 4th quarter worth approximately $66,000. Van ECK Associates Corp lifted its position in Bitfarms by 18.6% during the 3rd quarter. Van ECK Associates Corp now owns 3,580,369 shares of the company's stock worth $3,831,000 after acquiring an additional 561,342 shares during the period. Finally, Sloy Dahl & Holst LLC acquired a new stake in Bitfarms during the 4th quarter worth approximately $44,000. 20.59% of the stock is owned by institutional investors and hedge funds.

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.