Bitfarms (NASDAQ:BITF) Shares Gap Down - Here's What Happened

Bitfarms Ltd. (NASDAQ:BITF - Get Free Report) gapped down prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

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

Bitfarms Stock Up 1.2 %

The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.68 and a current ratio of 3.70. The firm has a market cap of $738.28 million, a price-to-earnings ratio of -4.53 and a beta of 3.67. The business's 50 day moving average price is $1.85 and its 200 day moving average price is $2.08.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Marshall Wace LLP acquired a new position in Bitfarms in the 2nd quarter worth about $4,016,000. Weiss Asset Management LP increased its position in shares of Bitfarms by 173.6% in the third quarter. Weiss Asset Management LP now owns 1,582,934 shares of the company's stock valued at $3,340,000 after buying an additional 1,004,400 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Bitfarms by 17.7% during the 3rd quarter. Van ECK Associates Corp now owns 6,075,744 shares of the company's stock worth $11,969,000 after buying an additional 911,952 shares during the period. Baader Bank Aktiengesellschaft lifted its position in shares of Bitfarms by 245.8% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company's stock valued at $1,043,000 after buying an additional 497,789 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in Bitfarms by 42.7% in the 2nd quarter. Cetera Investment Advisers now owns 999,783 shares of the company's stock worth $2,579,000 after acquiring an additional 299,273 shares in the last quarter. 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.