Bitfarms (NASDAQ:BITF) Shares Gap Down – Here’s What Happened

Shares of Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened on Tuesday . The stock had previously closed at $2.05, but opened at $1.98. Bitfarms shares last traded at $2.01, with a volume of 3,203,866 shares.

Analyst Upgrades and Downgrades

BITF has been the subject of several recent analyst reports. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price target on shares of Bitfarms in a report on Thursday, October 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price target on shares of Bitfarms in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Bitfarms has a consensus rating of “Moderate Buy” and an average price target of $3.66.

Bitfarms Stock Performance

The stock has a market capitalization of $910.39 million, a P/E ratio of -5.69 and a beta of 3.64. The company’s 50-day moving average is $2.06 and its two-hundred day moving average is $2.25. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Institutional Trading of Bitfarms

Several hedge funds have recently bought and sold shares of the company. Barclays PLC bought a new stake in Bitfarms in the 3rd quarter valued at about $161,000. Geode Capital Management LLC raised its position in shares of Bitfarms by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock worth $3,965,000 after buying an additional 81,760 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Bitfarms during the 3rd quarter worth about $201,000. XTX Topco Ltd bought a new stake in shares of Bitfarms during the 3rd quarter worth about $254,000. Finally, Weiss Asset Management LP raised its position in shares of Bitfarms by 173.6% during the 3rd quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company’s stock worth $3,340,000 after buying an additional 1,004,400 shares in the last quarter. 20.59% of the stock is currently owned by 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.