Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.38

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $2.38, but opened at $2.32. Bitfarms shares last traded at $2.28, with a volume of 1,176,251 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BITF shares. Stifel Nicolaus lowered shares of Bitfarms from a “speculative buy” rating to a “hold” rating and lowered their target price for the company from $3.25 to $2.30 in a research note on Thursday, May 30th. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, August 22nd. B. Riley reduced their price objective on Bitfarms from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, May 17th. Finally, Cantor Fitzgerald started coverage on Bitfarms in a report on Tuesday, June 11th. They issued an “overweight” rating and a $5.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bitfarms has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Down 5.9 %

The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.04. The company has a market cap of $916.85 million, a P/E ratio of -5.89 and a beta of 3.68. The business’s 50 day moving average is $2.54 and its 200 day moving average is $2.40.

Institutional Investors Weigh In On Bitfarms

A number of hedge funds have recently made changes to their positions in the stock. Cetera Investment Advisers raised its holdings in Bitfarms by 42.7% in the second quarter. Cetera Investment Advisers now owns 999,783 shares of the company’s stock worth $2,579,000 after purchasing an additional 299,273 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Bitfarms by 67.3% during the second quarter. Mackenzie Financial Corp now owns 153,189 shares of the company’s stock worth $395,000 after buying an additional 61,624 shares during the period. K2 Principal Fund L.P. purchased a new stake in shares of Bitfarms during the second quarter valued at $816,000. Marshall Wace LLP acquired a new position in shares of Bitfarms in the 2nd quarter valued at $4,016,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Bitfarms in the 2nd quarter valued at $38,000. 20.59% of the stock is currently 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.