Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.36

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $2.36, but opened at $2.18. Bitfarms shares last traded at $2.21, with a volume of 4,140,610 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BITF shares. B. Riley cut their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating for the company in a research note on Friday, May 17th. Cantor Fitzgerald initiated coverage on Bitfarms in a research note on Tuesday, June 11th. They set an “overweight” rating and a $5.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Monday, August 12th. Stifel Nicolaus cut Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their price target for the stock from $3.25 to $2.30 in a report on Thursday, May 30th. Finally, Northland Securities began coverage on Bitfarms in a report on Thursday, April 25th. They issued an “outperform” rating and a $4.00 price target on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3.66.

Bitfarms Stock Down 5.9 %

The firm has a market capitalization of $908.66 million, a PE ratio of -5.82 and a beta of 3.68. The company has a fifty day moving average price of $2.58 and a 200-day moving average price of $2.40. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.02 and a current ratio of 3.02.

Institutional Trading of Bitfarms

Several hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp grew its position in shares of Bitfarms by 67.3% during the 2nd quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock worth $395,000 after buying an additional 61,624 shares in the last quarter. K2 Principal Fund L.P. bought a new position in shares of Bitfarms during the 2nd quarter worth $816,000. Marshall Wace LLP bought a new position in shares of Bitfarms during the 2nd quarter worth $4,016,000. WINTON GROUP Ltd bought a new position in shares of Bitfarms during the 2nd quarter worth $38,000. Finally, Impact Partnership Wealth LLC boosted its position in Bitfarms by 227.6% during the second quarter. Impact Partnership Wealth LLC now owns 70,570 shares of the company’s stock valued at $181,000 after purchasing an additional 49,029 shares in the last quarter. 20.59% of the stock is owned by hedge funds and other institutional investors.

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.