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

Bitfarms Ltd. (NASDAQ:BITF)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $1.15, but opened at $1.12. Bitfarms shares last traded at $1.11, with a volume of 1,876,595 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Bitfarms in a research note on Wednesday, May 14th. HC Wainwright reiterated a “buy” rating on shares of Bitfarms in a research report on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $3.25 price target on Bitfarms in a report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.01.

Bitfarms Price Performance

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 company has a fifty day moving average price of $0.95 and a 200 day moving average price of $1.43. The company has a market capitalization of $601.21 million, a P/E ratio of -3.10 and a beta of 3.69.

Bitfarms (NASDAQ:BITF) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.04) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.04). Bitfarms had a negative net margin of 69.08% and a negative return on equity of 22.17%. The company had revenue of $66.85 million during the quarter, compared to analyst estimates of $67.17 million. On average, sell-side analysts forecast that Bitfarms Ltd. will post -0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitfarms

Several institutional investors have recently made changes to their positions in the company. Barclays PLC bought a new position in shares of Bitfarms during the 3rd quarter worth about $161,000. Impact Partnership Wealth LLC boosted its stake in Bitfarms by 26.1% in the 4th quarter. Impact Partnership Wealth LLC now owns 88,663 shares of the company’s stock valued at $132,000 after buying an additional 18,378 shares in the last quarter. Baader Bank Aktiengesellschaft raised its stake in Bitfarms by 245.8% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 700,300 shares of the company’s stock worth $1,043,000 after acquiring an additional 497,789 shares in the last quarter. Money Concepts Capital Corp acquired a new stake in shares of Bitfarms in the 4th quarter valued at $30,000. Finally, Guided Capital Wealth Management LLC acquired a new stake in Bitfarms in the fourth quarter worth about $30,000. 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.