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

Bitfarms Ltd. (NASDAQ:BITF) gapped down before the market opened on Monday . The stock had previously closed at $2.29, but opened at $2.23. Bitfarms shares last traded at $2.17, with a volume of 37,215,859 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. Alliance Global Partners assumed coverage on Bitfarms in a research report on Wednesday, December 4th. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Finally, Stifel Canada upgraded Bitfarms from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.05.

Bitfarms Stock Performance

The stock has a 50 day moving average price of $2.06 and a two-hundred day moving average price of $2.27. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. HighTower Advisors LLC acquired a new position in shares of Bitfarms in the 3rd quarter valued at $25,000. Lifeworks Advisors LLC acquired a new stake in Bitfarms during the 3rd quarter worth $37,000. WINTON GROUP Ltd acquired a new stake in Bitfarms during the 2nd quarter worth $38,000. Chesapeake Capital Corp IL raised its stake in Bitfarms by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock worth $50,000 after buying an additional 4,800 shares during the period. Finally, HBW Advisory Services LLC acquired a new stake in Bitfarms during the 3rd quarter worth $63,000. Institutional investors and hedge funds 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.