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

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BITF. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price objective on shares of Bitfarms in a research report on Thursday, October 3rd. Alliance Global Partners initiated coverage on Bitfarms in a research note on Wednesday, December 4th. They issued a “buy” rating and a $6.00 price target for the company. Keefe, Bruyette & Woods assumed coverage on Bitfarms in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Stifel Canada raised Bitfarms from a “hold” rating to a “moderate buy” rating in a report on Friday, November 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Bitfarms in a research note on Thursday, November 14th. One equities 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, Bitfarms currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.05.

Bitfarms Stock Performance

The company has a fifty day simple moving average of $1.85 and a 200 day simple moving average of $2.08. The company has a current ratio of 3.70, a quick ratio of 3.68 and a debt-to-equity ratio of 0.04.

Hedge Funds Weigh In On Bitfarms

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Baader Bank Aktiengesellschaft raised its holdings in Bitfarms by 245.8% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company’s stock worth $1,043,000 after purchasing an additional 497,789 shares during the last quarter. Impact Partnership Wealth LLC increased its position in shares of Bitfarms by 26.1% during the fourth quarter. Impact Partnership Wealth LLC now owns 88,663 shares of the company’s stock worth $132,000 after buying an additional 18,378 shares during the period. 272 Capital LP acquired a new stake in shares of Bitfarms during the third quarter worth $222,000. Barclays PLC bought a new position in Bitfarms during the third quarter worth $161,000. Finally, Geode Capital Management LLC lifted its holdings in Bitfarms by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,879,454 shares of the company’s stock valued at $3,965,000 after buying an additional 81,760 shares during the period. 20.59% of the stock is owned by institutional investors and hedge funds.

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.