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

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $2.04, but opened at $1.96. Bitfarms shares last traded at $1.98, with a volume of 5,105,346 shares.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Stifel Canada raised shares of Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price target on shares of Bitfarms in a research report on Thursday, October 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Bitfarms in a report on Thursday, November 14th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $3.66.

Bitfarms Trading Down 2.9 %

The company has a debt-to-equity ratio of 0.04, a current ratio of 3.70 and a quick ratio of 3.68. The business’s 50 day moving average is $2.07 and its 200-day moving average is $2.26.

Institutional Trading of Bitfarms

Several institutional investors and hedge funds have recently modified their holdings of the business. HighTower Advisors LLC acquired a new position in Bitfarms during the third quarter worth about $25,000. WINTON GROUP Ltd acquired a new position in Bitfarms during the 2nd quarter worth approximately $38,000. Lifeworks Advisors LLC bought a new position in Bitfarms in the 3rd quarter valued at approximately $37,000. Chesapeake Capital Corp IL boosted its position in Bitfarms by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 22,000 shares of the company’s stock valued at $50,000 after buying an additional 4,800 shares in the last quarter. Finally, HBW Advisory Services LLC bought a new stake in shares of Bitfarms during the third quarter worth $63,000. 20.59% of the stock is currently owned by 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.