Bitfarms (NASDAQ:BITF) Shares Gap Down to $2.06

Bitfarms Ltd. (NASDAQ:BITF) shares gapped down before the market opened on Thursday . The stock had previously closed at $2.06, but opened at $1.95. Bitfarms shares last traded at $2.01, with a volume of 4,248,888 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BITF. Northland Securities began coverage on shares of Bitfarms in a report on Thursday. They set an “outperform” rating and a $4.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $4.00 price objective on shares of Bitfarms in a report on Thursday, March 28th. Finally, HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Bitfarms in a research report on Tuesday, March 26th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Bitfarms presently has an average rating of “Buy” and a consensus target price of $4.20.

Bitfarms Stock Down 2.2 %

The company has a market capitalization of $698.33 million, a price-to-earnings ratio of -5.30 and a beta of 3.62. The business’s 50-day moving average is $2.39 and its 200-day moving average is $2.14. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.04.

Bitfarms (NASDAQ:BITF) last posted its earnings results on Thursday, March 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $46.24 million during the quarter, compared to the consensus estimate of $39.68 million. Bitfarms had a negative net margin of 70.53% and a negative return on equity of 19.58%. During the same period in the previous year, the firm posted ($0.07) earnings per share. As a group, equities analysts predict that Bitfarms Ltd. will post -0.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BITF. Capital Performance Advisors LLP acquired a new position in shares of Bitfarms in the fourth quarter worth about $29,000. Pasadena Private Wealth LLC acquired a new position in shares of Bitfarms in the fourth quarter worth about $34,000. Sloy Dahl & Holst LLC acquired a new position in shares of Bitfarms in the fourth quarter worth about $44,000. DMC Group LLC acquired a new position in shares of Bitfarms in the fourth quarter worth about $47,000. Finally, CCG Wealth Management LLC acquired a new position in shares of Bitfarms in the first quarter worth about $50,000. 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.