Bitfarms (NASDAQ:BITF) Shares Gap Down – Should You Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $3.17, but opened at $2.74. Bitfarms shares last traded at $3.0050, with a volume of 30,284,740 shares traded.

Analyst Ratings Changes

Several research analysts recently weighed in on BITF shares. Macquarie reaffirmed an “outperform” rating on shares of Bitfarms in a research report on Monday, October 13th. HC Wainwright restated a “buy” rating and issued a $5.50 price objective on shares of Bitfarms in a report on Wednesday, October 29th. Northland Securities set a $7.00 price objective on Bitfarms in a research note on Monday, October 13th. Wall Street Zen raised shares of Bitfarms from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Finally, Compass Point began coverage on shares of Bitfarms in a research report on Monday, September 15th. They set a “buy” rating on the stock. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bitfarms currently has an average rating of “Moderate Buy” and a consensus price target of $4.75.

Bitfarms Stock Down 11.5%

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.11 and a quick ratio of 3.03. The firm has a market cap of $1.58 billion, a P/E ratio of -16.91 and a beta of 3.77. The firm’s 50-day moving average price is $3.49 and its 200 day moving average price is $1.92.

Bitfarms (NASDAQ:BITF) last issued its earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). Bitfarms had a negative net margin of 35.09% and a negative return on equity of 9.86%. On average, equities research analysts expect that Bitfarms Ltd. will post -0.21 earnings per share for the current fiscal year.

Institutional Trading of Bitfarms

Several large investors have recently added to or reduced their stakes in the business. Thames Capital Management LLC acquired a new position in Bitfarms during the 3rd quarter worth $19,834,000. Vident Advisory LLC lifted its stake in shares of Bitfarms by 70.0% in the 2nd quarter. Vident Advisory LLC now owns 11,364,106 shares of the company’s stock worth $9,538,000 after acquiring an additional 4,677,425 shares during the period. Invesco Ltd. boosted its holdings in shares of Bitfarms by 40.4% in the second quarter. Invesco Ltd. now owns 13,234,973 shares of the company’s stock valued at $11,120,000 after acquiring an additional 3,806,810 shares in the last quarter. Continental General Insurance Co. acquired a new position in shares of Bitfarms during the first quarter valued at approximately $2,124,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Bitfarms by 52.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,808,165 shares of the company’s stock valued at $3,002,000 after purchasing an additional 1,306,212 shares in the last quarter. 20.59% of the stock is currently owned by institutional investors and hedge funds.

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.