Bitfarms (NASDAQ:BITF) Shares Gap Down - What's Next?

Shares of Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $1.67, but opened at $1.62. Bitfarms shares last traded at $1.65, with a volume of 4,809,761 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BITF. Cantor Fitzgerald restated an "overweight" rating and issued a $5.00 price target on shares of Bitfarms in a research note on Thursday, October 3rd. Stifel Canada raised Bitfarms from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 22nd. HC Wainwright reaffirmed a "buy" rating and issued a $4.00 price target on shares of Bitfarms in a research report on Thursday, November 14th. Alliance Global Partners began coverage on shares of Bitfarms in a research report on Wednesday, December 4th. They set a "buy" rating and a $6.00 price objective on the stock. Finally, Keefe, Bruyette & Woods began coverage on shares of Bitfarms in a research note on Wednesday, January 8th. They set an "outperform" rating for the company. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $4.05.

Bitfarms Price Performance

The company has a quick ratio of 3.68, a current ratio of 3.70 and a debt-to-equity ratio of 0.04. The firm's fifty day moving average price is $1.86 and its two-hundred day moving average price is $2.08. The stock has a market capitalization of $751.86 million, a PE ratio of -4.61 and a beta of 3.67.

Hedge Funds Weigh In On Bitfarms

Institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP purchased a new position in shares of Bitfarms during the 2nd quarter worth $4,016,000. Weiss Asset Management LP lifted its position in Bitfarms by 173.6% during the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company's stock valued at $3,340,000 after purchasing an additional 1,004,400 shares in the last quarter. Van ECK Associates Corp grew its holdings in Bitfarms by 17.7% during the third quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company's stock valued at $11,969,000 after purchasing an additional 911,952 shares during the period. K2 Principal Fund L.P. purchased a new stake in Bitfarms in the second quarter worth about $816,000. Finally, Cetera Investment Advisers raised its stake in shares of 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 buying an additional 299,273 shares during the period. 20.59% of the stock is currently owned by hedge funds and other institutional investors.

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.