Bitfarms (NASDAQ:BITF) Shares Gap Down – Time to Sell?

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down prior to trading on Monday . The stock had previously closed at $2.14, but opened at $2.05. Bitfarms shares last traded at $2.1730, with a volume of 9,417,500 shares changing hands.

Analyst Ratings Changes

Several research firms recently weighed in on BITF. B. Riley Financial reissued a “buy” rating on shares of Bitfarms in a research note on Wednesday, October 22nd. Northland Securities set a $7.00 price target on Bitfarms in a research note on Monday, October 13th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $3.00 price objective (up previously from $2.50) on shares of Bitfarms in a research note on Tuesday, January 27th. Macquarie Infrastructure reiterated an “outperform” rating on shares of Bitfarms in a research note on Monday, October 13th. Finally, Cantor Fitzgerald upped their target price on shares of Bitfarms from $2.20 to $5.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $4.04.

Bitfarms Stock Performance

The company’s 50-day simple moving average is $2.67 and its 200-day simple moving average is $2.67. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of -9.85 and a beta of 3.81. The company has a current ratio of 3.20, a quick ratio of 3.14 and a debt-to-equity ratio of 0.11.

Bitfarms (NASDAQ:BITF) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, hitting the consensus estimate of ($0.02). Bitfarms had a negative net margin of 48.26% and a negative return on equity of 4.48%. The company had revenue of $69.25 million during the quarter, compared to analysts’ expectations of $84.66 million. On average, analysts expect that Bitfarms Ltd. will post -0.21 EPS for the current year.

Institutional Investors Weigh In On Bitfarms

Hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. grew its position in Bitfarms by 8.6% during the third quarter. Invesco Ltd. now owns 14,373,522 shares of the company’s stock worth $40,533,000 after buying an additional 1,138,549 shares in the last quarter. Vident Advisory LLC boosted its holdings 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 purchasing an additional 4,677,425 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Bitfarms by 36.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,060,389 shares of the company’s stock valued at $19,941,000 after buying an additional 1,898,490 shares in the last quarter. Thames Capital Management LLC purchased a new position in shares of Bitfarms during the third quarter worth approximately $19,834,000. Finally, Aurelius Capital Management LP purchased a new stake in shares of Bitfarms in the 3rd quarter valued at $18,999,000. 20.59% of the stock is currently owned by institutional investors.

About Bitfarms

Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.

Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.